Understanding the mortgage process and meeting lenders’ more stringent qualification requirements have become big obstacles for applicants, according to a survey by MortgageMatch.com. More than 70 percent of recent buyers surveyed described the
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Many lenders currently require down payments of 20 percent or more. One benefit of larger down payments is that the borrower owes less money and usually receives better terms on the mortgage loan. If the down payment is less than 20 percent, most lenders
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Historically, the FHA has played a critical role in propping up the housing market by insuring lenders against default after the mortgage market failed. Currently, the agency guarantees approximately 30 percent of all home loans and 20 percent of refinancings.
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