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

First Time Home Buyers have some great financing opportunities! Contact me to learn more!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 home buyers 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 Economics , recently 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, let’s get together and set you on your path to home ownership!

Need Help? Contact Franceanna for a consultation: 972-588-8863 Or click here to book a consultation.