down payment programs Tag

4 Jan 2019

Buying a home? Learn about your down payment options now

Lack of savings and the inability to outlay any cash for a down payment continues to be the biggest hurdle facing first time home buyers. Unfortunately, many would-be buyers incorrectly assume they must come to the closing table with a hefty amount of money, and as a result, they continue to delay homeownership. Yes, lenders love to see buyers put 20% down, but they also know that amount of money is very difficult for first-time buyers to amass. Just to give you a baseline, in 2018, the median down payment was 13% for all buyers and 7% for first-time buyers, according to the National Association of Realtors. So if you’re considering buying your first home but stopped your search when you came...
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28 Jul 2014

Millennials, Mortgages and the Marketplace

A lot of recent media attention has been focused on housing and the Millennial buyer. Millennials (born from the early 1980s to the early 2000s) are responsible for 31 percent of recent home purchases, according to the National Association of Realtors®. During the recession of recent years, many Millennials moved in with their parents until they felt comfortable and stable in their job situation. Now this generation is financially prepared – and ready to purchase their first homes. So what do you need to know about mortgage financing if you’re a Millennial in today’s real estate market? Review your credit. Credit is an integral part of the financing process. You will need to understand your credit profile and be aware of what lenders are...
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