One More Time… You Do Not Need 20% Down to Buy a Home

Posted Posted in Blog, Buying Myths, Down Payments, First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers

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 […]

2 Myths Holding Back Home Buyers

Posted Posted in Blog, Buying Myths, Down Payments, First Time Home Buyers, For Buyers

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,” which revealed that, “Consumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters […]

2 Major Myths Holding Back Home Buyers

Posted Posted in Blog, Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Move-Up Buyers

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership,” which revealed that “eighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.” Myth #1: “I Need a 20% Down Payment” Buyers often overestimate the down payment funds […]