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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
