I remember when we purchased our first house and we had to have a certain amount as the down payment. I have heard that there are people getting housing with any down payment. I believe people are not understanding the ramifications of no down payment. I would not necessarily see this as an option because I would be looking at the big number. Do mortgage lenders share with their customer regarding the down payment? I believe they should, but how many of them don’t? If you take the time and save up for your down payment, this will reduce the long-term paying off your loan. In my opinion, not having a down payment would just increase the amount of time you have to pay on your house.
