Skin in the Game: It Matters Who Makes the Down Payment.

Study HERE from January 2009 Journal of Housing Research, is by staffer at Federal Housing Finance Agency.

".. borrowers who provide even modest down payments from their own resources have substantially lower default propensities than do borrowers whose down payments come from relatives, government agencies, or nonprofits. Borrowers with down payments from seller-funded nonprofits, who make no down payment at all, have the highest default rates."