No Need to Spend a Fortune on Home Down-Payments Anymore!

Numerous home seekers and potential buyers believe that a 20% down payment is needed to call a home yours, so they discontinue their search. Good news- THIS IS FALSE! The Keeping Current Matters Crew (KCM) stated, "The median down payment for all buyers in 2017 was just 10% and that percentage drops to 6% for first-time buyers."

You might be shocked to find out the stats! The KCM crew stated, "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."

Aaron Terrazas, a Zillow Senior Economist stated, “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.”

With rent increasing, first-time home buyers should take advantage of these low-down-payment mortgage options on the home of their dreams!

Bottom Line

If your a first-time home buyer and unsure if you qualify for one of the low-down-payment mortgages, contact a knowledgeable real estate agent who can help you find out more and guide you to owning your dream home!

KCM Source: