Are Twenty Percent Down Payments Required by Lenders These Days?

Are twenty percent or ten percent down payments required by lenders these days? FHA loans were originally intended to help first-time home buyers, so the down payment requirements are flexible. The buyer can put as little as 3% down. In this situation it is OK if you get that money from a relative. These days lenders on other loans are generally requiring at least 10% down and want to confirm that this would be your own money. Some lenders are requiring extra money upfront. FHA loans may be the only way for people who have small down payments.Posted by Harrison K. Long, Explore Properties Group, March 27, 2008