The average U.S. home down payment reached a record high last fall, according to CoreLogic, Irvine, Calif.
Tag: Down Payment
Many Aspiring Homeowners Cite Cost of Living, Insufficient Income as Roadblocks: Bankrate
More than half of aspiring homeowners say the current cost of living is too high or their income is not high enough to afford a down payment and closing costs for a home (51% and 54% respectively), reported Bankrate, New York.
Down Payments Fall 10% from Year Ago as Housing Market Cools
Redfin, Seattle, said the typical U.S. homebuyer’s down payment fell 10% year over year in January to $42,375, its lowest level in nearly two years.
Survey: 1 in 4 First-Time Homebuyers Use Stimulus Money for Down Payment
Redfin, Seattle, said nearly one-quarter (24%) of first-time homebuyers are using stimulus money for their down payment, the second-most common way after saving directly from paychecks.
Bruce Schultz of Gateway First Bank: Promoting Affordable Homeownership in the Age of COVID
The COVID-19 pandemic presents residential mortgage lenders with an opportunity to expand their role in a critically needed area of community development – advancing affordable homeownership.
Saving for Down Payment Tougher for First-Time Home Buyers
Starter home prices are growing nearly seven times faster than renter incomes, making what was likely already the biggest challenge for first-time home buyers ― saving for a down payment ― even more difficult. But there is good news for today’s first-time buyers, said Zillow, Seattle.
For Many, Despite Low Mortgage Rates, Down Payments Out of Reach
Even though mortgage affordability has improved since 2018 because of ultra-low mortgage rates, home values have grown at nearly twice the rate of incomes over the past six years, said Zillow, Seattle, making saving for a down payment—particularly for first time buyers—a challenge.
Monday Report: Red-Hot Housing Markets and a Time-Capsule Survey
This morning’s Monday Report features stories that confirm the housing markets remain hot, regardless of location or political preference; what that might mean for down payments; and a housing survey that, thanks to the coronavirus pandemic, was obsolete the moment it was released.
21 Years to Save for a Down Payment, Survey Finds
U.S. Mortgage Insurers, an association representing private mortgage insurance companies, said its annual state-by-state report on low down payment mortgage lending found saving for a 20 percent down payment could take potential homebuyers 21 years — three times the length of time it could take to save a 5 percent down payment.
21 Years to Save for a Down Payment, Survey Finds
U.S. Mortgage Insurers, an association representing private mortgage insurance companies, said its annual state-by-state report on low down payment mortgage lending found saving for a 20 percent down payment could take potential homebuyers 21 years — three times the length of time it could take to save a 5 percent down payment.