According to a recent survey, first time homebuyers share of real estate purchases accounted for 37.2% of all homes bought in July 2014, based on a 3 month average.
This is the highest level since January 2011, and up from 36.2% of the market in July 2013.
Homes bought with cash declined from a 12-month high of 30.5% in February 2014, to just 26.70% in July 2014. Most homes bought with cash are from investors looking to repair and flip the home, and just a small percentage are true homeowners buying with cash.
Popular first time home buyer loan programs include FHA Loans, VA Loans for or military personal, FHA 203k fixer upper loans, zero down USDA Rural Development loans, and down payment assistance loans of all kinds are designed to make it a little easier for first time home buyers to achieve the dream of home ownership.
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