5% down at 5.5% fixed rate

As the mortgage lending market continues to tighten, first time home buyers with low down payments still have choices.
Banks still have Loans with 5% down at reasonably low fixed rates. These are Full documentation and NO or little documentation Loans. Examples of these loans are 5% down at a 5.5% fixed rate for 30 years on a Stated Loan.

Adjustable-rate mortgage applications dropped 39.6% from January 2007 to January 2008, while applications for fixed-rate loans climbed 60.1% in the same period. Borrowers who put down less than 20% on a home are flocking to insured, single mortgages rather than risky piggyback loans. The number of borrowers using private mortgage insurance jumped 41% in the first nine months of 2007 over that period the previous year, a trend that is expected to continue as mortgage insurance premiums are now tax deductible through 2010
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