Housing down payments can pose a challenge to a variety of Americans – from recent college graduates, who each owe an average of $35,000 in student loan debt, to current homeowners who are underwater in their current mortgages.

A new product called down payment insurance, though, could ease mortgage fears and change the housing landscape for the better.

Overall, consumers' fears are justified. More than 7.9 million homeowners today have negative equity, meaning they would lose all or part of their down payment should they sell their home. This figure is down from a high of 15 million in 2012, yet still represents a significant chunk of potential homeowners hesitant to buy in the near future.

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