Jun 25 2015 13793 2

Jun 25 2015 13793 2

Just 3% down payment or even 0 down payment

Policymakers are also providing incentives. Fannie Mae recently introduced a 97% loan program targeted to first time home buyers, making it easier to come up with a down payment.

Then there is the matter of economics. The employment picture has strengthened, providing more potential buyers with stable income and increasing their confidence to take on a long-term commitment.

And perhaps the clincher – the rent consumers are paying for their housing continues to go up.

"With rents now rising at a 7-year high, historically low rates and moderating price growth are likely to entice more buyers to enter the market in upcoming months," Lawrence Yun, chief economist for the National Association of Realtors (NAR), noted last month.

Realtors are still fighting the misconception that a large down payment is needed in order to buy a home, but as word spreads about low down payment loan programs, that will begin to change.


Reference:

Consumer Affairs (2015) http://www.consumeraffairs.com/news/more-renters-leaning-toward-buying-homes-012015.html


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Phone: 864-682-0311
Dated: June 25th 2015
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