61 Percent Of FirstTime Buyers Put Down Less Than 6 Percent

Dated: 01/26/2018

Views: 26

Image title

According to the National Association of Realtors’ latest Realtors Confidence Index, 61% of first-time homebuyers purchased their homes with down payments below 6% from October 2016 through November 2017.

Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying. The median down payment for all buyers in 2017 was just 10% and that percentage drops to 6% for first-time buyers.

Zillow Senior Economist Aaron Terrazas’ recent comments shed light on why buyer demand has remained strong,

“Looking into 2018, rent is expected to continue gaining. More widespread rent growth could mean home buying demands stay high, as renters who can afford it move away from the unpredictability of rising rents toward the relative stability of a monthly mortgage payment instead.”

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 who is not sure if you would qualify for a low-down payment mortgage, let’s get together and set you on your path to homeownership!

Read this & other articles

Latest Blog Posts

Saint Clair Shores - First Time Home Buyer!

Congratulations to Bryce on his very FIRST home!! I was happy to help him find this gem in St. Clair Shores!;

Read More

You Need an Agent Who Will Always Put You First

Whether you are a rookie homebuyer or have gone through the process many times, having a local real estate expert who is well versed in the neighborhood you are looking to move to, as well

Read More

To Blog or Not To Blog

To Blog or not to Blog??Hours can be spent expending your ideas and thoughts on an issue through blogging, but who really is reading them? how do you reach the masses? and when you do... why would

Read More

Where Are Mortgage Interest Rates Headed In 2019?

Where Are Mortgage Interest Rates Headed In 2019? Tuesday September 25th, 2018  First Time Home Buyers, For Buyers, For Sellers, Interest Rates,Move-Up BuyersThe

Read More