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

Posted by David E. DeChant on Monday, July 16th, 2018 at 9:00am.

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.

Ralph McLaughlin, Chief Economist and Founder of Veritas Urbis Economicsrecently shed light on why buyer demand has remained strong,

“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 homeownership 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, consult a local real estate professional who can set you on your path to homeownership!

 

 

 

 

Source: https://www.keepingcurrentmatters.com/2018/07/16/first-time-home-buyers-continue-to-put-down-less-than-6/ 

3 Responses to "First-Time Home Buyers Continue To Put Down Less Than 6%!"

4 REAL Reasons Why We Buy A Home! wrote: [...]Links

First-Time Home Buyers Continue To Put Down Less Than 6%!
Want To Sell Your House Faster? Don’t Forget To Stage! [INFOGRAPHIC]
[...]

Posted on Tuesday, July 17th, 2018 at 10:18am.

Demand For Homes To Buy Continues To Climb wrote: [...]Links

4 REAL Reasons Why We Buy A Home!
First-Time Home Buyers Continue To Put Down Less Than 6%!
Want To Sell Your House Faster? Don’t Forget To Stage! [INFOGRAPHIC]



[...]

Posted on Wednesday, July 18th, 2018 at 4:15pm.

Housing Will Not Fall Victim To Next Economic Storm wrote: [...]For Homes To Buy Continues To Climb
4 REAL Reasons Why We Buy A Home!
First-Time Home Buyers Continue To Put Down Less Than 6%!




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For Sellers (80)
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Posted on Thursday, July 19th, 2018 at 10:44am.

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