According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, 69% of potential first-time buyers still believe a 20% down payment is necessary to buy in today’s market.Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership.If homeowners believe that they need a 20% down payment to enter the market, they also believe that they will have to wait years (in some markets) to come up with the necessary funds to buy their dream homes.The greatest source of confusion cited in the survey results centered around down payments. The results are broken down in the chart below:Rohit Gupta, CEO of Genworth Mortgage Insurance had this to say,
"While first-time homebuyers continue to drive the purchase market, we believe many are staying on the sidelines due to the misconception that a 20 percent down payment is required to secure a mortgage. There are various low down payment options available today that allow prospective homebuyers to reach their dreams of homeownership sooner. It is crucial that, as an industry, we proactively educate eligible borrowers about solutions that will enable them to buy a home when they're ready."
Don’t let a lack of understanding of the home-buying process keep you and your family out of the housing market.
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
When you start thinking about buying a house, it's easy to let your em
"Kris sold me a house last year and really made the whole process a whole lot easier then I ever expected. She's very personable and extremely knowledgable that all my questions were answered before I even asked. I will definitely be using her in the future."