According to theNational Association of Realtors’latestRealtors 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 EconomistAaron Terrazas’ recentcommentsshed 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.
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!
Author:Keri Gilles Phone: 931-320-8028 Dated: March 8th 2019 Views: 58 About Keri: I am a wife, mother, and grandmother. I value the time I have with my family and friends and unders...
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About Kriste Simmons & The Simmons Team of Reliant Realty ERA Powered -931-245-8800
Thank you for choosing The Simmons Team for your real estate needs! We make it our mission to provide you with top of the line services in any type of situation. We specialize in the Clarksville, Montgomery County, Fort Campbell and Hopkinsville areas, but will gladly help you with surrounding areas as well. Our local expertise and wide variety of Real Estate knowledge will benefit you whether you are buying or selling for the first or the tenth time.
The results of the latest Rent vs. Buy Report from Trul
"When it came time for my husband and I to buy a home, we didn't even know where to begin. Kriste took the time to show us step by step for first time home buying. She was patient and made sure that we were comfortable with the choices that we were making. She went above and beyond for our family. Even when there was a bump in the road with financing, she showed us what we needed to do next to get our dream home to close. Kriste will forever be our go to Agent!"