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Addressing First-Time Home Buyer's Worries ... Down Payments, Credit, FHA, & More
I recently had an associate that forwarded an article to me regarding the findings of a survey conducted with prospective first-time home buyers. Being a mortgage banker, he knew the results of such a survey would naturally be of interest to me.
The information contained within this article surprised me just a little bit, I have to admit. Maybe it's because I am employed within the real estate industry and sensitive to every move and gesture of it, but it seems to me that news, information, and opinions regarding our industry are everywhere and delivered non-stop. At times, it feels almost relentless.
Still, the findings of this survey clearly pointed out that nearly 3 out of 4 potential first-time buyers think it's difficult, if not nearly impossible, to get a loan and over 40% knew nothing of the tax credit that is available to them through November . Also, half of these first-timers thought that having "enough" money down for a purchase still meant a large percentage down payment. I found this news almost disheartening. Where is the disconnect between the barrage of information I see and hear and the real information getting out to these buyers looking to enter the real estate market for the very first time? How do I address ... more
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