Lenders an important source for homebuying, down payment advice
Many would-be homeowners who believe saving for a down payment is a major obstacle to homeownership may be surprised by the National Association of Realtors’® (NAR) recent data.
The median down payment for first-time buyers is 6 percent for the third straight year, according to NAR’s annual Profile of Home Buyers and Sellers report, released Oct. 31. For repeat buyers, it was 14 percent for the third time in four years, according to the report.
There may be opportunities for lenders to responsibly expand access to mortgage credit by addressing misunderstandings about how much at a minimum the borrower needs to put down.