Simplifying the Market™
The largest obstacle renters face when planning to buy a home is saving for a down payment. This challenge is amplified by rising rents, which has eaten into the amount of money renters have leftover for savings each month after paying expenses.
In combination with higher rents, survey after survey has shown that non-homeowners (renters and those living rent-free with family or friends) believe they need to save upwards of 20% for their down payment!
According to the “Barriers to Accessing Homeownership” study commissioned in partnership between the Urban Institute, Down Payment Resource, and Freddie Mac, 39% of non-homeowners and 30% of those who already own a home believe they need more than a 20% down payment.
The percentage of those who are aware of low down payment programs (those under 5%) is surprisingly low at 12% for non-homeowners and 13% for homeowners.
In a recent Convergys Analytics report, they found that 49% of renters believe they need at least a 20% down payment.
The median down payment on loans approved in 2018 was only 5%! Those waiting until they have over 20% may already have enough saved to buy now!
There are over 45 million millennials (33%) who are mortgage ready right now, meaning their income, debt, and credit scores would all allow them to qualify for a mortgage today!
Bottom Line
If your five-year plan includes buying a home, let’s get together to determine what it will take to make that plan a reality. You may be closer to your dream than you realize!
Content previously posted on Keeping Current Matters
Who do you know that is thinking of selling their home?
They can get the free SOLD Seller’s Guide delivered in the mail
– request it at: https://tnrealestatelistings.com/sellers
Who do you know who is looking to buying a home?
They can get the free Buyer’s Guide at: https://tnrealestatelistings.com/buyers
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Renee Harrington
Realtor (Since 2003)
Buyer’s Agent (♥ 1st Time Home Buyers), Relocation, Listing Agent, New Construction.
As an agent at Cope & Associates Realty and Auction, LLC 615-384-7500
Renee offers old fashioned customer service, using leading edge technology.
Call me! I’m at your service!! 615-943-7384 Cell
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Thinking of selling your home?
Request a free SOLD Seller’s Guide
in the mail – request it at: https://tnrealestatelistings.com/sellers
Thinking of buying a home?
Request a free Buyer’s Guide at: https://tnrealestatelistings.com/buyers
Realtor Since 2003 – Renee offers old fashioned customer service, using leading edge technology.
Specialties:
Listing Agent
Buyer’s Agent (♥ 1st Time Home Buyers & Relocation )
New Construction
Call me! I’m at your service!!
Renee Harrington | Realtor
Aspire Realty LLC| 615-212-5076 Office
Facebook:https://www.facebook.com/TNRealtorRenee/
Instagram: https://www.instagram.com/TNRealtorRenee/
Search Current MLS Listings and setup auto notifications
to receive new listings within an hour of hitting the market on my
website at: https://tnrealestatelistings.com/property-search/
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