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

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

January 17, 2018 by jleonardi

61% of First-Time Buyers Put Down Less than 6% | Simplifying The Market

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!

Filed Under: BLOG POSTS

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🏡 First-Time Home Buyer? Here’s What You Need 🏡 First-Time Home Buyer? Here’s What You Need to Know!

✅ Do’s:
✔️ Get pre-approved – Know your budget upfront.
✔️ Check your credit score – Better score, better loan terms.
✔️ Save for a down payment – Plan ahead!
✔️ Budget for additional costs – Closing costs, taxes, and maintenance add up.
✔️ Invest in a home inspection – Avoid costly surprises.
✔️ Hire a real estate agent – A pro can guide you through the process.

❌ Don’ts:
🚫 Try to do everything yourself – Get expert help!
🚫 Ignore the location – The right neighborhood matters.
🚫 Skip the final walk-through – Double-check before closing.

Buying your first home? I can help! DM me to get started. 📩🏡

#FirstTimeHomeBuyer #HomeBuyingTips #DreamHome #RealEstate #HouseHunting
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Find your dream home today! 🏡✨ Visit LeonardiRealEstate.com to view all listings.

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