Startup offers new way to raise the down payment for a home
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For many, especially the young, one of the biggest obstacles to home ownership is saving up enough money for a down payment. According to a report by Inside Mortgage Finance, over the 12 months to August 2017, around 1.5 million borrowers have purchased homes using less than a 10 percent down payment. Buying with a low down payment increases the amount these buyers need to borrow, raising their monthly mortgage payments and making home ownership even more of a stretch. Now, a new lender believes they have found a way to help homebuyers raise their down payment as they buy.
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