Search
  • Leane Randle

First-Time Home Buyers Continue to Put Down Less Than 6%!



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, recentlyshed 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.

Bottom Line

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!

BUYING & SELLING a home can be time-consuming, complicated, & emotionally challenging. Let me help you take the stress out of the home buying & selling process. Give me a call today so I can get to work for YOU! I love referrals, so if you know of someone that needs to buy or sell a home, please give them my contact information.

Call or text Leane Randle at 205-531-4245.


1 view

2901 2nd Ave South, Suite 230, Birmingham, AL  35233

(205) 531-4245

©2019 BY LEANE RANDLE, REALTOR®  |  OAK MOUNTAIN LIVING