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Future Mission Viejo Homeowners & Down Payment Misinformation
It turns out that the run of admirable national and Mission Viejo home sales advances have been pulled off despite a couple of strong countercurrents. At least that’s the theme that emerges from last month’s Aspiring Home Buyers Profile report, which supplied one obvious and one not-so-obvious widespread beliefs among would-be future homeowners.
Mission Viejo home buyers are always a mix of current homeowners (who will usually also be selling) and first-timers. Among the latter group, a major drag on their willingness and ability to invest in their own Mission Viejo home is the student debt phenomenon. Enough has been written about that in recent years that it’s hardly a surprise: 39% of non-owners cited student loan payments as a primary reason they weren’t planning on being able to buy anytime soon.
Much less expected is the proportion of current non-owners whose reasons centered on a piece of widespread misinformation. Apparently, the same percentage—39%—were convinced that they need more than 20% of the price of a home to qualify for a loan. Another 26% believe a purchase is only possible when they can produce a down of 15%-20%—and a majority of the remainder (another 22%) think they need a down payment of at ... more
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