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As the number of mortgage lenders increases, competition forces lenders to get more creative in finding ways to lend people money. This often takes the form of giving homebuyers a "break" in the down payment. The downside of this approach is that statistically, the smaller the down payment, the more likely the borrower will default. Lenders have put together an education program to prevent delinquencies, which fills a much-needed gap in the increasingly complex world of home finance.

Home buyer education classes focus on a variety of money management topics, including all the costs connected with obtaining and owning a home. One lender got together with FANNIE MAE (a government-sponsored loan guarantor) to launch a 3 percent down payment loan which requires participation in this education course. Other lenders have shown a decline in the default rate with five percent loans that are associated with similar education courses.

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Barbara j. Berkowitz
Coldwell Banker Residential Brokerage
700 Hopmeadow Street
SIMSBURY, CT 06070
Phone: 860-653-7134
VOICE MAIL: 860-493-1292
CELL PHONE: 860-490-3776
FAX: 860-658-6304
e fax: 1-866-219-6121
Email: barbaraberkowitz@NUMBER1EXPERT.com
EMAIL: bberkowitz@cox.net

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