Daily News Articles

According to a new report from LendingTree, the national average down payment on a home is 12.29 percent. However, in some states, home buyers are putting down even more money on their home purchase.

New Jersey home buyers tend to have the highest down payments in the nation with an average 13.71 percent on the purchase price, LendingTree reports. 

While most recent indicators have been upbeat about the economy inching toward a recovery in 2012, Freddie Mac’s chief economist warns that threats still loom, particularly for housing. 

Freddie’s Chief Economist Frank Nothaft says that foreclosures will continue to put downward pressure on overall home prices and most likely remain high throughout 2012, although at lower levels than last year. He is forecasting for home prices to begin stabilizing in the second half of the year. 

Freddie Mac announced it has eliminated its minimum credit score requirement for borrowers wanting to refinance, but they must have at least 20 percent equity in their home, HousingWire reports. Freddie Mac used to require a minimum credit score of 620. 

In following instructions from the Federal Housing Finance Agency, government-sponsored enterprises Freddie and Fannie Mae are both looking at how they can ease requirements to spur more refinances so more borrowers can take advantage of record-low mortgage rates.

The Federal Reseve called on lawmakers to do more to help the ailing housing market, which has been blamed for dragging down economic recovery. In a 26-page white paper, the Fed told lawmakers that more aggressive action is needed in preventing home values from falling further and handling the large supply of foreclosures that continue to plague many markets. 

One program the white paper suggested was a government program to start renting out single-family homes in foreclosure, even allowing the former owners who were foreclosed upon to rent the properties back.