How Much Downpayment Do I Need in Lancaster , PA ?

By
Real Estate Agent with KW Elite

 

 

61% of First-Time Buyers Put Down Less than 6%

61% of First-Time Buyers Put Down Less than 6% | MyKCM

According to the National Association of Realtors’ latest Realtors Confidence Index, 61% of first-time homebuyers purchased their homes with down payments below 6% from October 2016 through November 2017.

Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying. The median down payment for all buyers in 2017 was just 10% and that percentage drops to 6% for first-time buyers.

Zillow Senior Economist Aaron Terrazas’ recent comments shed light on why buyer demand has remained strong,

“Looking into 2018, rent is expected to continue gaining. More widespread rent growth could mean home buying demands stay high, as renters who can afford it move away from the unpredictability of rising rents toward the relative stability of a monthly mortgage payment instead.”

It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mortgage options to secure their monthly housing costs and finally attain their dream homes.

Bottom Line

If you are one of the many first-time buyers who is not sure if you would qualify for a low-down payment mortgage, let’s get together and set you on your path to homeownership!

 

 Your first step is obtaining Mortgage Pre-Approval ! Email mikeperrykw@gmail.com to get started .
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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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Don Hess 01/17/2018 08:03 AM
  2. Erika Rae Albert, Austin Real Estate Expert 01/22/2018 01:14 PM
Topic:
Home Buying
Location:
Pennsylvania Lancaster County Lancaster
Groups:
1st Time Buyers
Keller Williams Active Rain Bloggers
Keller Williams
Keller Williams Realty Referral Group
Buyer Information - What Buyers Need to Know in Today's Market
Tags:
first time buyers
buying a home
first home
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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Rainmaker
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Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Great information from Keeping Current Matters, I shared it elsewhere too

Jan 17, 2018 05:25 AM #1
Rainmaker
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Don Hess
KW Elite Keller Williams 1280 Plaza Blvd. Lancaster, PA 17601 - Quarryville, PA

It pays buyers to shop around. There are also some excellent conventional loans with relatively low down payments available. 

Jan 17, 2018 07:52 AM #2
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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Mike, it's certainly nice if home buyers have a nice amount for a down payment but there are so many loan programs that offer low downpayment loans that there is no reason that those buyers couldn't become home owners.  

Jan 17, 2018 04:04 PM #3
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Rainmaker
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Michael J. Perry

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