By ERIN FLYNN JAY
If you are looking for a home and don’t have 20% to put down, you are not alone.
According to the National Association of Realtors, the typical down payment for first-time buyers is 8%. For repeat buyers, it’s 19%.
And for 38% of first-time buyers, saving for a down payment was the most difficult step in the process.
Sean Moss, EVP of product and operations at Down Payment Resource, says there is no one right answer to the question of how much money to put down when purchasing a home. It’s dependent on the buyer’s financial situation, as well as the loan type they plan to use.
“It’s a common misconception that 20% down is the…
The Mortgage Note’s team has been tracking national trends and the ways companies are working to attract buyers and sellers to the market this spring.
Editor Kimberley Haas interviewed industry leaders to learn more about what they are seeing and what products are being offered for this podcast.
If you would like to participate in future episodes, please email us at [email protected].
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By KIMBERLEY HAAS
Programs that support ownership of multifamily properties are estimated to make up almost 30% of homebuyer assistance offerings and that may present unique opportunities in markets strapped for inventory.
According to the Down Payment Resource’s Homeownership Program Index, 33 new programs supporting multifamily homebuyers and builders were added in Q4 2022.
Multifamily programs now make up 29.3% of all available assistance offerings, a 5.5% increase over Q3 2022, according to the index.
Sean Moss, executive vice president of product and operations at Down Payment Resource, told The Mortgage Note that even first-time homebuyers can qualify for down payment assistance and become both an owner and a landlord at the same time.
Moss said the buyer receiving the…
