- Feb 9, 2007
- 1,841
- 25
'No money down' option disappearing
WASHINGTON, Aug. 6 (UPI) -- When it comes to buying a home in the United States, the "no money down" option is disappearing as lenders are faced with a growing number of bad loans.
The sharp decrease of the "no money down" mortgage option is a blow to many potential buyers, particularly those looking to buy their first home, The Washington Post reported Sunday.
"No-down-payment loans are just about near impossible to get right now," said Jennifer Bridges, a real estate agent at ERA Blue Diamond Realty.
Some lenders are abandoning "no money down" mortgages altogether, while others are becoming much more selective in who they offer such options to, The Post said.
Washington Mutual and National City Home Equity, a division of National City Bank, are among the country's top lenders who have cut back on 'no money down' options in the past year, The Post reported.
Copyright 2007 by United Press International. All Rights Reserved.
WASHINGTON, Aug. 6 (UPI) -- When it comes to buying a home in the United States, the "no money down" option is disappearing as lenders are faced with a growing number of bad loans.
The sharp decrease of the "no money down" mortgage option is a blow to many potential buyers, particularly those looking to buy their first home, The Washington Post reported Sunday.
"No-down-payment loans are just about near impossible to get right now," said Jennifer Bridges, a real estate agent at ERA Blue Diamond Realty.
Some lenders are abandoning "no money down" mortgages altogether, while others are becoming much more selective in who they offer such options to, The Post said.
Washington Mutual and National City Home Equity, a division of National City Bank, are among the country's top lenders who have cut back on 'no money down' options in the past year, The Post reported.
Copyright 2007 by United Press International. All Rights Reserved.
