Confusion over down payment requirements is hindering some consumers’ confidence about buying a home.
For the past three years, the median down payment for first-time buyers has been 6 percent and 14 percent for repeat buyers, according to the National Association of REALTORS®’ Profile of Home Buyers and Sellers. Yet, when consumers are asked about the down payment amount they need to buy, 87 percent of non-owners say that a down payment of 10 percent or more is necessary.
“Current non-owners’ ultimate goal of owning a home may not be as far-fetched as they believe,” says NAR President William E. Brown. “There are mortgage options available for creditworthy borrowers with manageable levels of debt and smaller down payments. Those interested in buying their first home in 2017 should review their finances, sit down with a lender to see if they qualify for a mortgage, and find a REALTOR® to help them get started on their home search.” (Read: Smaller Down Payments Lure More Buyers and 3% Down Payments May Be Game Changer) Read More at RealtorMag