There are so many misconceptions or fears that first time buyers have these days and one of our primary goals is to educate this section of the market so the dream of home ownership can be achieved.
7 Statistics and Solutions About First Time Homebuyers You Should Know:
- 54% of first time buyers are married, 18% are single females, 11% are single males, and 15% are unmarried couples. No matter your marital status, it is not a barrier to home ownership. Married or not, one or both individuals may be on the loan.
- 25% of buyers 33 years or younger would move up their purchase timeline if they had down payment
access. There are so many low to no down payment options today for first time buyers including no money down options like VA, USDA, or down payment assistance or programs. Ok, you get it now that you can buy a home with no to low down payment, but what about all of the closing costs? That’s easy – Seller Paid Closing Costs! Our team will strategize with you and your Realtor to make sure that your purchase price includes the amount of seller assistance to ensure a level that you can afford.
- 74% of renters want to buy a home but are afraid they will not qualify so they do not even try. There are so many lending options that dispel the myth of needing 700+ credit scores to qualify. There are even mortgage products that will allow credit scores down to 600 for approval.
- 25% of Millennials buy a home together before getting married. We occasionally have buyers that think a domestic partner, fiancée, or friend can not buy a home together but that is far from the truth.
- 26% of first time buyers used a gift as part or all of their down payment. Yes, you can get a gift for down payment on many programs as long as it comes from an allowable source and is documented correctly. This can help bridge the gap of not having down payment for your purchase. Learn more about how gift funds can work for down payment.
- 32% of Millennials plan to buy a home in the next 2 years. Qualifying for a first time home is easier than you think because of everything we have mentioned in this article so why not take advantage of affordable housing prices and extremely low interest rates.
- 85% of non-homeowners ages 18 – 34 aspire to buy a home. Talk to one of our mortgage lending advisors to cater a plan to help you purchase the home of your dreams.
Another important fact is that homeowners accumulate much more wealth than renters over a lifetime. So, if you have questions you always wanted to ask or been scared to ask, contact us to learn where you stand and what steps you can take to become a homeowner.