First-Time Home Buyers Continue to Put Down Less

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Buying

 

                       

First-Time Home Buyers Continue to Put Down Less Than 6%!

 

According to the Realtors Confidence Index from the National Association of Realtors, 61% of first-time homebuyers purchased their homes with down payments below 6% in 2017.

Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying, but in March, 71% of first-time buyers and 54% of all buyers put less than 20% down.

The fact that we now have four consecutive quarters where owner households increased while renters                                                                                                                   households fell is a strong sign households are making the switch from renting to buying.

Households under 35 – which represent the largest potential pool of new homeowners in the U.S. – have shown some of the largest gains. While they only make up a third of all homebuyers, the steady uptick in their homeowner ship rate over the past year suggests their enormous purchasing power may be finally coming to [the] housing market.

It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mortgage options to secure their monthly                                                housing costs and finally attain their dream homes.

 

Bottom Line

If you are one of the many first-time buyers unsure of whether or not they would qualify for a low-down payment mortgage,

let’s get together and set you on your path to homeowner ship!