69% of Buyers are Wrong About Down Payment Needs

First-time homebuyers are often mislead about the home buying guidelines. Buying a home for the first time is no easy task. It is hard to differentiate between facts and myths without a real estate professional to guide you.

According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, 69% of mortgage professionals say that 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 first- time homebuyers believe that they need a 20% down payment to enter the market. They also believe that they will have to wait years 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:

69% of Buyers are Wrong About Down Payment Needs | Simplifying The Market

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.”

Bottom Line

Don’t let a lack of understanding of the home-buying process keep you and your family out of the housing market. Let’s get together to discuss your options!

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Source: KCM[/vc_column_text][/vc_column][/vc_row]

[vc_cta h2=”” h4=”Looking to Sell Your Home?!” add_button=”right” btn_title=”Start Here” btn_color=”primary” btn_i_icon_fontawesome=”fa fa-home” btn_link=”url:http%3A%2F%2Fwordpress-376455-1179144.cloudwaysapps.com%2Fselling-your-home%2F||target:%20_blank|” btn_add_icon=”true”]Feel free to contact your Re/Max agent Sheryl Petrashek @ (612) 889-6496 or [email protected] to find out how to get your home listed today. Also visit us www.sellingsouthoftheriver.com for recent blog posts and current listings near you![/vc_cta]
Sheryl Petrashek
[email protected]

Sheryl Petrashek is a Realtor with Re/max Results. She is based in Apple Valley and Sells Real Estate in Apple Valley, Burnsville, Eagan, Lakeville, Farmington, Prior Lake, Savage and Rosemount MN.



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