Study: Fewer buyers putting less than 3% down on home loans - KWWL - Eastern Iowa Breaking News, Weather, Closings

Study: Fewer buyers putting less than 3% down on home loans

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(NBC) -

Fewer home buyers are putting the minimum on their home loans, according to a new survey.Realtytrac analyzed the size of down payments on nearly 20 million purchase loans for single family homes and condos nationwide from 2004 through 2014. 

It found that in 2014, the number of buyers putting down 3 percent or less dropped to an 11-year low, with only 25 percent of buyers using conventional or FHA loans putting less than 3 percent down.

That was down from 27 percent in 2013 and down from a peak of 46 percent in 2009.

First-time home buyer tax credits have stimulated purchases by first-time home buyers, who are more likely to use low down payment loans. 

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