According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, 69% of potential first-time buyers still believe a 20% down payment is necessary to buy in today’s market. Your Dewey Blanton REALTORS® are here to help you every step of the way including finding the best mortgage professional referrals. Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership. If homeowners believe that they need a 20% down payment to enter the market, they also believe that they will have to wait years (in some markets) to come up with the necessary funds to buy their dream homes. The greatest source of confusion cited in the survey results centered around down payments. The results are broken down in the chart below: 
Rohit Gupta, CEO of Genworth Mortgage Insurance had this to say,
“While first-time homebuyers continue to drive the purchase market, we believe many are staying on the sidelines due to the misconception that a 20 percent down payment is required to secure a mortgage. There are various low down payment options available today that allow prospective homebuyers to reach their dreams of homeownership sooner. It is crucial that, as an industry, we proactively educate eligible borrowers about solutions that will enable them to buy a home when they’re ready.”
Bottom Line
Don’t let a lack of understanding of the home-buying process keep you and your family out of the housing market. Meet with a local real estate professional who can show you your options today! Give your Dewey Blanton REALTOR® a call today and let them help you find the best mortgage professional for you. Austin real estate, buying a home, home buying, Texas real estate, new Braunfels real estate, Dallas real estate, realtor
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