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Browse the siteJune 18 2015
With affordable loan options on the rise today, it's somewhat surprising that Wells Fargo's annual homeownership survey (released June 16, 2015) found that 36 percent of consumers believe that a 20 percent down payment is always required. Even more troubling, a higher proportion of African-Americans and Hispanics hold this belief, at 58 percent and 55 percent respectively.
RealtyTrac's Home Purchase Down Payment Report (released June 3, 2015) showed the average down payment for single family homes, condos and townhomes purchased in the first quarter 2015 was 14.8 percent of the purchase price–a three-year low. The report also found that the average down payment for FHA purchase loans originated in the first quarter was 2.9 percent of the purchase price while the average down payment for conventional loans was 18.4 percent of the purchase price.