Tracy First Time Homebuyers Putting Down Less Than 6 Percent

Dated: 07/27/2018

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Saving For Your Home's Down Payment

Are you a First-Time Homebuyer in Tracy? Have you been wondering how you will ever be able to afford a down payment? Well, you can stop worrying so much.

Last year in 2017, 61% of first-time homebuyers put down less than 6% of the purchase price of their home. This is according to the National Association of Realtors in their latest Realtors Confidence Report.

So, don't be like many homebuyers who believe that a 20% down payment is required to buy a home, And disqualify yourself without even looking into the possibilities. The same report above showed that 71% of first-time buyers and 54% of all buyers put less than 20% down.

Ralph McLaughlin, the Chief Economist and Founder of Veritas Urbis Economics, in a HousingWire article recently stated,

β€œThe fact that we now have four consecutive quarters where owner households increased while renters households fell is a strong sign households are making the switch from renting to buying. Households under 35 – which represent the largest potential pool of new homeowners in the U.S. – have shown some of the largest gains. While they only make up a third of all homebuyers, the steady uptick in their homeownership rate over the past year suggests their enormous purchasing power may be finally coming to [the] housing market.”

With rents continuing to rise, we are seeing more first-time buyers who are taking advantage of low-down-payment mortgage options and down payment assistance programs available to lock-in their monthly housing costs and finally go out and find their perfect home.

Give us a call at 209-762-3552 and set up an appointment to sit down and discuss whether or not you would qualify for a low-down payment mortgage!

You can also download your FREE copy of our Home Buyer's Guide by CLICKING HERE

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C. Ray Brower - CalDRE #01969248

Are you looking for an agent who will listen to everything you have to say, from your very first contact with him, all the way until the day he hands over the keys to your new home or closes the deal ....

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