Credit unions in some markets should consider offering low or nodown payment mortgage loans if they do not already, a recent reportfrom RealtyTrac suggested.
The report showed that mortgage lenders made more than 27% ofthis year's first quarter mortgage loans with a down payment ofless than 3%.
The Irvine, Calif.-based firm said this was a percentage pointhigher than the end of 2014 and the highest since the secondquarter of 2013. The firm added that low down payment loansaccounted for 83% of loans insured by the Federal HousingAdministration and 11% of conventional loans in the first quarterof this year.
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