http://www.washingtonpost.com/wp-dyn/content/article/2007/08/04/AR2007080401418.html?hpid=topnews
Lenders faced with growing piles of bad loans, even to borrowers once considered good credit risks, have clamped down on the no-money-down mortgage. The abrupt shift threatens to dash the hopes of millions of potential buyers, especially those shopping for their first homes.
Four out of 10 first-time buyers used no-down-payment mortgages in 2005 and 2006, according to surveys by the National Association of Realtors.
"No-down-payment loans are just about near impossible to get right now,"
"It used to be that we would finance a loan up to $1 million with no down payment for a first-time home buyer,"
Lenders faced with growing piles of bad loans, even to borrowers once considered good credit risks, have clamped down on the no-money-down mortgage. The abrupt shift threatens to dash the hopes of millions of potential buyers, especially those shopping for their first homes.
Four out of 10 first-time buyers used no-down-payment mortgages in 2005 and 2006, according to surveys by the National Association of Realtors.
"No-down-payment loans are just about near impossible to get right now,"
"It used to be that we would finance a loan up to $1 million with no down payment for a first-time home buyer,"
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