Younger people are facing a problem, with rising home pricing meaning that the down payment requirement is getting higher, and many are unable to afford it. The National Association of Realtors says the median home price in the U.S. is now $350,000, which means the average buyer would need to pay $70,000 as a deposit
Buyers are coming up with bigger down payments than ever before
As would-be buyers struggle to compete against each other due to a tigher-than-ever supply of available homes to buy, some are upping the ante by putting down larger down payments
Housing affordability, debt, holding back prospective buyers
Affordability pressures, student debt and general confusion about down payment requirements prevented many aspiring homeowners from reaching the market in 2016.
Down Payment Resource debunks down payment myths
Atlanta-based Down Payment Resource, the nation’s only databank for homebuyer programs, released its Third Quarter 2015 Homeownership Program Index. The volume of programs increased to more than 2,400, making it the fourth consecutive increase in programs. The index reveals the wide range of homeownership opportunities available for homebuyers across the country. Recent surveys, including the
USDA Helps Rural Homebuyers with AmeriFirst Home Mortgage
Although the housing market in the US is beginning to recover, many homebuyers still need help getting back into the market. One possible solution is the 100% financing option which is backed by the US Department of Agriculture.
Lawmakers Call For Lower Down Payments
A mortgage proposal that calls for a 20% down payment on even the safest of mortgages is the target of a group of lawmakers who are desperate to convince federal regulators to overhaul the move. The move, say lawmakers, would threaten the chances of the US making a full recovery from recession “for years”. A
Mint.com Adds Home Loan “Ways to Save” Tool
With all of the problems many Americans are having with mortgage payments, it only makes sense for financial applications to add mortgage components. Mint.com has apparently risen to the occasion with its new home loan feature, which is part of the “Ways to Save” component of the web application. The feature scours through “thousands of