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Buy a home with less than 6% down

July 20, 2018 By Darnella Aulani, Real Estate Broker

first time

According to the Realtors Confidence Index from the National Association of Realtors, 61% of first-time homebuyers purchased their homes with down payments below 6% in 2017.

Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying, but in March , 71% of first-time buyers and 54% of all buyers put less than 20% down.

Ralph McLaughlin, Chief Economist and Founder of Veritas Urbis Economics, recently shed light on why buyer demand has remained strong,

“The fact that we now have four consecutive quarters where owner households increased while renters households fell is a strong sign households are making the switch from renting to buying.

Households under 35 – which represent the largest potential pool of new homeowners in the U.S. – have shown some of the largest gains. While they only make up a third of all homebuyers, the steady uptick in their homeownership rate over the past year suggests their enormous purchasing power may be finally coming to [the] housing market.”

It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mortgage options to secure their monthly housing costs and finally attain their dream homes.

If you are one of the many first-time buyers unsure of whether or not they would qualify for a low-down payment mortgage, let’s get together and set you on your path to homeownership!

Filed Under: Buyer Resources, Real Estate Blog

Darnella Aulani, Broker
Darnella Aulani, M.ED. , Director for Life
Broker #01117484
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Darnella Real Estate - San Jose
22 Great Oaks Blvd, Suite 200
San Jose, CA 95119
PH: (925) 207-8211
CA DRE Broker #01117484

Darnella Real Estate - Antioch
3731 Sunset Lane, Suite 207
Antioch, CA 94509
Ph: (925) 777-1770
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CA DRE Broker #01117484

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