According to the National Association of Realtors’ latest Realtors Confidence Index, 61% of first-time homebuyers purchased their homes with down payments below 6% from October 2016 through November 2017.
Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying. The median down payment for all buyers in 2017 was just 10% and that percentage drops to 6% for first-time buyers.
Zillow Senior Economist Aaron Terrazas’ recent comments shed light on why buyer demand has remained strong, “Looking into 2018, rent is expected to continue gaining. More widespread rent growth could mean home buying demands stay high, as renters who can afford it move away from the unpredictability of rising rents toward the relative stability of a monthly mortgage payment instead.”
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 who is not sure if you would qualify for a low-down payment mortgage, contact Todd Lemoine and the Lemoine team and we’ll set you on your path to homeownership! Please do visit http://www.lemoineteam.com to search all North Atlanta homes for sale.
A Note From Todd
“For 16 years I have traveled all over the Atlanta area inspecting homes. I know the area very well; in and around Atlanta. My home inspection experience can be a valuable asset in the buying and selling process. This experience has given me knowledge about home construction, finding defects, and determining proper repairs. Over the years, I have witnessed deals not being closed due to poor communication of the parties involved. I believe my strengths in this area are just what a new home buyer needs to be successful.”