69% of Buyers are Wrong About Down Payment Needs #ChrisBJohnsonRealtor

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Real Estate Agent with Allison James Elite CA. BRE 01501699
69% of Buyers are Wrong About Down Payment Needs | MyKCM

According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, 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 | MyKCM

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. Let’s get together to discuss your options!

 

 

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Rainmaker
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Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

Every so often someone will ask me, "So, do I need to put down 20%?" and their face goes into shock when they find out they could purchase a home with a lot less down.

Jun 08, 2017 03:57 AM #1
Rainmaker
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Chris B Johnson REALTOR®
Allison James Elite - Moorpark, CA
5 Star Rated REALTOR® Quality, Not Quantity

It is always nice to be able to pass alone some good news to your Clients!! Kat Palmiotti 

Jun 08, 2017 08:04 AM #2
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Rainmaker
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Chris B Johnson REALTOR®

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