69% of Buyers are Wrong About Down Payment Needs

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Mortgage and Lending with The Christian Penner Mortgage Team NMLS# 368289

69% of Buyers are Wrong About Down Payment Needs

69% of Buyers are Wrong About Down Payment Needs

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 | Simplifying The Market

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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The Christian Penner Mortgage Team, A Branch of 
American Financial Network, Inc

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Topic:
Mortgage / Finance
Location:
Florida
Tags:
housing market
down payment
buy a home
mortgage professionals
homebuying process
low down payment options
buy in todays market
mortgage industry professionals

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Rainmaker
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Matthew Klinowski, PA
Downing-Frye - Naples, FL
Golf Community Real Estate Specialist

Agree with the assessment.  Most buyers don't know what they need for downpaymesnt and especially don't have a good handle on closing costs which very significantly by state.

Jun 08, 2017 02:30 AM #1
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Rainer
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