First time home buyers should not be concerned with having to have a large down payment in order to buy a home.
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 such as yourself, may believe that a 20% down payment is necessary to buy a home. Do not disqualify yourself before even trying, because statistics have proven that is not the case. 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 attaining their dream homes.
If you are one of the many first-time buyers who is not sure if you would qualify for a low-down payment mortgage, contact me today. I can connect you with the best lenders around, who can set you on your path to homeownership!
If you have any questions about the loan process and what you may qualify for, just call/text me at 602-295-6807 and I can help answer all of your questions!
"Real Estate is not just a job for me, it's about making a difference in the lives of others"
Troy Erickson Realtor