by Michael H. Wasserman, Attorney at Law The Wall Street Journal reports that lenders are offering lower down-payment requirements to lure more borrowers wishing to purchase more expensive homes. Many small lenders, (primarily community banks and credit unions), are now willing to cover jumbo loans with 5 percent to 10 percent down payments. In Chicago, jumbo loans are those that are $417,000 or higher. These opportunities are being made possible by mortgage lenders wishing to increase market share as real estate property values are on the upswing coupled with the re-emergence of mortgage insurance companies will to insure against the risks of borrower defaults.
Information for Buyers and Sellers of Chicago Area Residential Real Estate. Learn more at mhwasserman.com.