Volume 18 - Number 25
December 12, 2014
Downpayments a Major Lever for Originations
Downpayment requirements play a larger role than interest rates in whether a potential borrower can afford a mortgage, according to new research from staff at the Federal Reserve Bank of New York. Potential borrowers who are less wealthy are particularly sensitive to downpayment requirements. Andreas Fuster and Basit Zafar, senior economists at the NY Fed, designed a survey in which respondents are asked for their maximum willingness to pay for a home comparable to their current home ...
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