Yet being able to put down very little on a home is “a very powerful tool to expand access to credit, if it is done responsibly,” Mitria Wilson-Spotser, vice president and federal policy director at the Center for Responsible Lending, told MarketWatch. “Most lenders actually write mortgages to the conventional mortgage standard, which is the standard that’s established by Fannie Mae and Freddie Mac, and the Federal Housing Administration,” she said. “A 1% down payment does not violate any of those requirements.“
