69 Percent Of Buyers Are Wrong About Down Payment Needs

69 Percent Of Buyers Are Wrong About Down Payment Needs

69% of Buyers are Wrong About Down Payment Needs

by                                                                                                    

69% of Buyers are Wrong About Down Payment Needs | Keeping Current Matters

According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, 69% of mortgage professionals say that first-time buyers still believe a 20% down payment is necessary to buy in today’s market.

Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership.

If homeowners believe that they need a 20% down payment to enter the market, they also believe that they will have to wait years (in some markets) to come up with the necessary funds to buy their dream homes.

The greatest source of confusion cited in the survey results centered around down payments. The results are broken down in the chart below:

69% of Buyers are Wrong About Down Payment Needs | Keeping Current Matters

Rohit Gupta, CEO of Genworth Mortgage Insurance had this to say,

"While first-time homebuyers continue to drive the purchase market, we believe many are staying on the sidelines due to the misconception that a 20 percent down payment is required to secure a mortgage.

There are various low down payment options available today that allow prospective homebuyers to reach their dreams of homeownership sooner. It is crucial that, as an industry, we proactively educate eligible borrowers about solutions that will enable them to buy a home when they're ready."

Bottom Line

Don’t let a lack of understanding of the home-buying process keep you and your family out of the housing market. Meet with a local real estate professional who can show you your options today!


Keri Pierce Headshot
Author:
Phone: 716-969-1490
Dated: June 7th 2017
Views: 39
About Keri: Let me just be honest. I AM that crazy cat lady but I can definitely help you find the home of your...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Aug 19 2018 61012 1 - First Time Home Buyers,For Buyers
Aug 18 2018 61012 1 - First Time Home Buyers, For,
Aug 17 2018 61012 1 - First Time Home Buyers, For,
Aug 16 2018 61012 1 - First Time Home Buyers, For,

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Kriste Simmons & The Simmons Team of Reliant Realty ERA Powered -931-245-8800
124 Dunbar Cave Rd Suite A
Clarksville, TN
931-378-6383