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Originally Posted by Rodney
Just out of curiousity: by today's standards, does the old standard 20 percent down count as a "very large" downpayment? Because if it does, mortgage lending has gone to hell...
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I would bet than less than 5% of my purchase transactions involve a full 20% down. In fact, I would bet that over 70% of my purchase transactions involve no money down at all.
I'm not so sure if mortgage lending has gone to hell, I think it is more likely people's financial position has gone to hell - not to mention the perception of the average buyer was at one time that they needed 20% down, and now - especially with everyone advertising it - they find it distasteful if the are required to put any money down.
The mortgage industry certainly hasn't help people get away from this mindset, though - more and more products are coming out to help people finance a home with no money down...