Do I Need 10% Down Payment to Buy in Lancaster, PA ?

By
Real Estate Agent with KW Elite
https://activerain.com/droplet/56WJ

Number of Buyers Putting Down Less Than 10% Hits 7-Year High

Number of Buyers Putting Down Less Than 10% Hits 7-Year High | MyKCM

According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under than 10% over the last 12 months. This is great news for buyers as this marks a 7-year high.

Many mortgage programs offered by agencies like Freddie Mac and Fannie Mae allow buyers to put down as low as 3% to purchase their dream homes. The strength of the housing market has aided buyers who used low-down-payment programs to buy. As a recent CNBC article points out,

“Defaults on recent low down payment loans, so far, are slow, but that is as much a factor of the good credit quality as it is the strength of the housing market. Home prices are rising incredibly fast, meaning those borrowers are gaining equity in their homes quickly.”

Low down payments aren’t just great for first-time homebuyers. These programs have allowed homeowners who want to capitalize on the equity they have in their homes to use the profit from their sale to pay off high-interest credit cards, fund education or even start a business.

According to a new Census Report, the Annual Survey of Entrepreneurs, home equity was used to start 7.3% of all businesses in the United States, which equates to over 284,000! The industries that saw the most growth from home equity are accommodation & food services, manufacturing and, retail trade.

Bottom Line

Gone are the days of ‘20% down or no mortgage.’ What could you build with the equity in your house? Let’s get together today to evaluate your ability to achieve your dreams today!

Ask about USDA  100% Financing !!!
Posted by

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

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Longtime West Lampeter resident and Lancaster County Realtor!

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Topic:
Home Buying
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Pennsylvania Lancaster County Lancaster
Groups:
1st Time Buyers
ABR-Accredited Buyer Representatives
Keller Williams
It's A Buyer's Market
Buyer Information - What Buyers Need to Know in Today's Market
Tags:
first time buyers
obtaining a mortgage
west lampeter real estate news
penn manor real estate news
solanco real estate news
conestoga valley real estate news
hempfield real estate news
obtaing preapproval

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Laura T. Perry
Keller Williams Elite - Lancaster, PA
CRP, GMS, Award Winning Relocation Specialist

Many consumers out there are confused about how much money they need !!!

Mar 05, 2018 12:51 PM #1
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