Posted: September 13, 2019 by Coldwell Banker D'Ann Harper
In the race to home ownership, many people speed past the mortgage broker and zero in on what home they think they can afford based on a 20 percent down payment.
But did you know that a large percentage of people who are buying a home this year do not put 20% down?
It feels like one of the biggest secrets in real estate, but at Coldwell Banker D’Ann Harper, Realtors® we love shouting this news from the rooftops.
Several factors over the last 10 years have dramatically changed how people finance their home: low interest rates, greater availability of mortgage products and a higher rate of mortgage loan approvals.
That’s great news if you are in the market to buy your first home. First-time homebuyers account for about a third of all homebuyers according to the National Association of Realtors.
Nearly three quarters of first-time homeowners and half of existing homeowners did not put 20 percent down. In fact, the average down payment, according to the National Association of Realtors, was just 6%.
Many of them took advantage of low or no money down mortgage products like these.
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