The National Association of Realtors claims the majority of first time home buyers put down less than 10% when purchasing a home. This trend started to occur in 2016 has yet to slow down.
Most of the younger generation thinks it is vital to put down 20%. This is what our parents told us, and our education system. But let the truth be told you may be way closer to being able to purchase your home than you think. The median down payment in 2017 was 10% across the board and dropped to 6% for first time home buyers.
Aaron Terrazas’ a senior analyst from Zillow says this is why buying demand has remained so strong in 2017.
With rents rising across the board in almost every state throughout the country, more and more first time home buyers are taking advantage of low-down-payment mortgages options. This Secures a monthly housing cost over a 30 year period of time and helps them attain homes they actual can call their own.
Are you Ready to Buy?
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!