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

By
Real Estate Agent with Good Company Real Estate License # SA577557000

First time home buyers should not be concerned with having to have a large down payment in order to buy a home.

 

How much do I need for a down payment? Troy Erickson Realtor 

 

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.

 

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, 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
Call/Text: (602)295-6807
TroyEricksonRealtor@gmail.com
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         Contact Troy Erickson, Realtor®, Good Company Real Estate

                                Licensed Residential Realtor® in Arizona at 602-295-6807

                  for Phoenix, Chandler, Ahwatukee, Tempe, and Gilbert, Arizona Real Estate.

 

Check out our website for all Arizona Real Estate and Homes For Sale in subdivisions like Sun Lakes, Ocotillo, Lakewood, Mountain Park Ranch, Pepperwood, Circle G Ranches, and many others throughout the East Valley.

 

"Real Estate is more than just about a job for me. It is about making a difference in the lives of others. I help people just like you Buy, Sell, and Invest in East Valley Arizona Real Estate!"

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This post is for informational purposes only and should not be construed as legal advice. If you desire specific legal or tax advice, please consult the appropriate professional. The opinions expressed here represent my own and not those of my employer. Troy Erickson will not be held liable for any errors, ommissions, accuracy, validity, currentness, suitability, completeness; or any losses, injuries or damages arising from its display or use.

Comments (3)

Realtyna Inc
Realtyna - Newark, DE
Realtyna- MLS RETS Integration software & services

Hi Troy Erickson AZ Realtor (602) 295-6807, thanks for this report. Definitely some interesting information on first-time buyer downpayments.

May 27, 2020 02:32 AM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Troy Erickson AZ Realtor (602) 295-6807 if you're searching for your first home, begin that process by contacting Troy Erickson for guidance with securing a mortgage pre-approval and finding the right home.

May 27, 2020 03:31 AM
Troy Erickson AZ Realtor (602) 295-6807

Thanks so much Barbara for the recommendation.

May 27, 2020 02:59 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Troy. It is not about 20% down anymore. Alternatives are available if searched for. Enjoy  your day!

May 27, 2020 04:45 AM
Troy Erickson AZ Realtor (602) 295-6807

Yes Wayne, there are plenty of other options, as well as first-time buyer programs that can also assist with down payments.

May 27, 2020 03:01 PM

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