61 Percent Of FirstTime Buyers Put Down Less Than 6 Percent

Dated: 01/18/2018

Views: 67


61% of First-Time Buyers Put Down Less than 6% | MyKCM

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!

Latest Blog Posts

Calm Down The Real Estate Market Is NOT Falling Apart

Calm Down! The Real Estate Market is NOT Falling Apart There has been tremendous volatility in certain markets over the last few weeks (for example, the stock and currency markets). When

Read More

61 Percent Of FirstTime Buyers Put Down Less Than 6 Percent

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

Read More

Wondering If You Can Buy Your First Home

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married

Read More

93 Believe Homeownership Is Important In Attaining The American Dream

93% Believe Homeownership Is Important in Attaining the American Dream Americans continue to believe that homeownership is important in achieving the American Dream. A recent survey &

Read More