Las Vegas seeing growth in low down-payment mortgages

According to a recent report from RealtyTrac, the number of Clark County borrowers making low down payments jumped to 36 percent in the first quarter, up 31 percent from the year before. As a result, Clark County had the third-lowest down payment share in the nation - an average of 13.3 percent.

Borrowers are now able to pay less upfront thanks to recent changes in lending guidelines. The Federal Housing Administration took half a percent off its mortgage insurance premiums in January, cutting average borrowing costs down by $900. While Fannie Mae and Freddie Mac began backing loans with 3 percent down since December. Effectively, both new lending guidelines have helped borrowers by making loans more affordable.

To read more on the story, check out the Las Vegas Review Journal article.

Shawn Cunningham
(702) 823-0855