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69% of Buyers are Wrong About Down Payment Needs

June 7, 2017

 

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 home buyers to make the leap into home ownership.

 

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 home buyers 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 home buyers to reach their dreams of home ownership 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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