62% of Buyers Are Wrong About Down Payment Needs

home construction loans elk river, home construction loans Monticello, home construction loans ramsey, home construction loans ramsey mn, home construction loans, home construction loans Zimmerman, new construction mortgage elk river, new construction mortgage ramsey mn, new construction mortgage ramsey, new construction mortgage Zimmerman, new construction mortgage rogers, new construction mortgage, home loans with no down payment ramsey, home loans with no down payment ramsey mn, mortgage broker rogers, mortgage broker, va home loan ramsey, va home loan ramsey mn

According to the ‘2019 Home Buyer Report conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:

“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”

When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say,

“The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown below):

fannie mae home loans Zimmerman, fha 203k lenders ramsey, fha 203k lenders ramsey mn, fha approved lenders ramsey, fha approved lenders ramsey mn, fha approved lenders, fha loan application ramsey, fha loan application ramsey mn, fha loan application, fha mortgage interest rates ramsey, fha mortgage interest rates ramsey mn, fha mortgage interest rates, fha streamline loan ramsey, fha streamline loan ramsey mn, fha streamline loan, freddie mac mortgage rates today ramsey, freddie mac mortgage rates today ramsey mn, freddie mac mortgage rates today, freddie mac mortgage rates today Zimmerman

The lack of knowledge about the home-buying process is unfortunately keeping many motivated buyers on the sidelines.

 

Bottom Line

 

Don’t let a lack of understanding keep you and your family out of the housing market. Let’s get together to discuss your options today.

 

apply for va home loan elk river, apply for va home loan, 0 down mortgage ramsey, 0 down mortgage ramsey mn, 0 down mortgage, apply for va home loan ramsey, apply for va home loan ramsey mn, apply for va home loan, best mortgage rates today Monticello, best mortgage rates today Monticello mn, best mortgage rates today, best mortgage rates today ramsey, best mortgage rates today ramsey mn, best mortgage rates today Zimmerman, down payment assistance ramsey, down payment assistance ramsey mn, down payment assistance, fannie mae home loans ramsey, fannie mae home loans ramsey mnRelated topics:  What FICO® Score Do You Need to Qualify for a Mortgage?

For a Hassle-Free consultation on Home Refinancing, First-Time Home Buyer Mortgage, Zero-Down Mortgage, Home Construction Loan or VA Home Loan, contact DJ Riley today at 763-276-3960 or via email djriley@unitedfamilymortgage.com.

 

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

10 Steps to Buying a Home

down payment assistance elk river, apply for va home loan elk river, 0 down mortgage ramsey fha 203k lenders Zimmerman, fha loan application ramsey, fha streamline loan elk river, fha streamline loan ramsey, mortgage broker big lake, home loans with no down payment ramsey, home construction loans ramsey, zero down mortgage ramsey, fannie mae home loans ramsey

10 Steps to Buying a Home [INFOGRAPHIC] | MyKCM

Some Highlights:

  • If you are thinking of buying a home, you may not know where to start.
  • Here is a simple list of 10 steps that you will go through to purchase a home.
  • Make sure to ask your agent for details about each step and what else may be required in your area!

For a hassle-free first-time home buyer mortgage consultation, contact DJ Riley today at 763-276-3960 or via email @ djriley@unitedfamilymortgage.com

3 Questions You Need To Ask Before Buying A Home

fha 203k lenders Zimmerman, fha loan application ramsey, fha streamline loan elk river, fha streamline loan ramsey, mortgage broker big lake, home loans with no down payment ramsey, home construction loans ramsey, zero down mortgage ramsey, fannie mae home loans ramsey, down payment assistance elk river, apply for va home loan elk river, 0 down mortgage ramsey

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Ask yourself the following three questions to help determine if now is a good time for you to buy in today’s market.

1. Why am I buying a home in the first place?

This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

For example, a study by realtor.com found that “73% said buying in a good school district was “important” in their search.

This report supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the top four reasons Americans buy a home have nothing to do with money. The actual reasons are:

  • A good place to raise children and provide them with a good education
  • A place where you and your family feel safe
  • More space for you and your family
  • Control of that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in February (the latest data available) was $249,500. This is up 3.6% from last year. The increase also marks the 84th consecutive month with year-over-year gains.

Looking at home prices year over year, CoreLogic is forecasting an increase of 4.6%. In other words, a home that costs you $250,000 today will cost you an additional $11,500 if you wait until next year to buy it.

What does that mean to you?

Simply put, with prices increasing, it may cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long-term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.

Freddie MacFannie Maethe Mortgage Bankers Association and NAR have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:

zero down mortgage ramsey, fannie mae home loans ramsey, down payment assistance elk river, apply for va home loan elk river, 0 down mortgage ramsey, fha 203k lenders Zimmerman, fha loan application ramsey, fha streamline loan elk river, fha streamline loan ramsey, mortgage broker big lake, home loans with no down payment ramsey, home construction loans ramsey

Bottom Line

Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.

For a hassle-free first-time home buyer mortgage consultation, contact DJ Riley today at 763-276-3960 or via email @ djriley@unitedfamilymortgage.com