Can 3% down payments compete in today’s tight mortgage market?

Source: Brena Swanson, HousingWire

Housing supply is devastatingly low for first-time homeowners. So will a low down payment hurt their chances against another borrower who puts 20% down?  The short answer: no.

“It doesn’t matter if it’s $3,000 down or $30,000 down on the house, the difference is if the buyer is pre-approved versus pre-qualified,” said Bruce Elliott, president of the Orlando Regional Realtor Association.

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