• The share of buyers making a downpayment of 20% or more accounted for one third of all transactions in Region 1 (Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut) during the 3rd quarter.
  • Downpayment requirements have been elevated for some time, but the new, lower conforming loan limits resulted in higher downpayment requirements in many parts of the high priced Northeast.
  • While the limits changed on October 1st, banks and mortgage brokers were putting the new requirements in place in advance of the statutory change anticipating long pipelines of mortgages waiting for closings.

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