Marietta Rodriguez is the vice president of National Homeownershp Programs at NeighborWorks America. The NeighborWorks Campaign for Home Ownership, launched in 1993, is one of the NeighborWorks America signature initiatives and has resulted in more than $10 billion of home loans and nearly 100,000 persons assisted to become homeowners.
After reading some of the recent reports on HousingWire and other outlets on the limited return or the risk associated with low down payment mortgages, plus the comments accompanying those articles, a reasonable person would think a low or even zero-down payment mortgage is a very dangerous proposition. In fact, nothing could be further from the truth.
According to Verizon’s 2019 Data Breach Investigations Report, 10% of the 2,013 breaches that occurred in 2018 were within the financial industry. Personal data was compromised in 43% of those breaches, which were largely attributed to privilege misuse, errors or unsecure web applications.
Rising interest rates often cause homebuyers to think twice about moving forward with a mortgage. In April, mortgage applications fell more than 7% after 30-year fixed mortgage rates reached a high for the month.