Boomerang Buyers: Most Qualify for Financing in 2-3 YearsAccording to a new study from Lending Tree, Americans who have filed for bankruptcy may be able to rebuild enough credit to
Did You Know
Dated: 01/17/2018
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61% Of First-Time Buyers Put Down Less Than 6%
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, consult a local real estate professional who can set you on your path to homeownership!
Michael Le
Michael has been a Real Estate Broker in the Denver area for 17 years. With over hundreds of closed transactions under his belt he is a wealth of knowledge. Michael is skilled at contract negotiatio....
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