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How Much Do You Know About Down Payments?

Whether you’ve owned a home before, or you’re ready to jump into homeownership for the first time, there are always a lot of questions swirling around about what is truly required for a down payment, and how to best source down payment assistance. Let’s tackle these two today. 1. How much do you really need for a down payment? There is a long-standing misconception about down payment requirements. A survey from Fannie Mae shows only 17% of consumers know the minimum options are actually between [...]

By |2019-08-06T04:00:55-06:00August 6th, 2019|Buying Myths, Down Payments, First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers|Comments Off on How Much Do You Know About Down Payments?

5 Powerful Reasons to Own Instead of Rent

Owning a home has great financial benefits. In a recent research paper, Homeownership and the American Dream, Laurie S. Goodman and Christopher Mayer of the Urban Land Institute explained: “Homeownership appears to help borrowers accumulate housing and nonhousing wealth in a variety of ways, with tax advantages, greater financial flexibility due to secured borrowing, built-in ‘default’ savings with mortgage amortization and nominally fixed payments, and the potential to lower home maintenance costs through sweat equity.” Let’s breakdown 5 major financial benefits of homeownership: 1. Housing [...]

By |2019-07-09T04:00:33-06:00July 9th, 2019|Down Payments, First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers, Rent vs. Buy|Comments Off on 5 Powerful Reasons to Own Instead of Rent

What You Need to Know About Private Mortgage Insurance (PMI)

Whether it is your first time or your fifth, it is always important to know all the facts when it comes to buying a home. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information about Private Mortgage Insurance (PMI). What is PMI? Freddie Mac defines PMI as: “An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, [...]

By |2019-06-19T04:00:43-06:00June 19th, 2019|Down Payments, First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers|Comments Off on What You Need to Know About Private Mortgage Insurance (PMI)

The Benefits of a 20% Down Payment

If you are in the market to buy a home this year, you may be confused about how much money you need to come up with for your down payment. Many people you talk to will tell you that you need to save 20% or you won’t be able to secure a mortgage. The truth is that there are many programs available that let you put down as little as 3%. Those who have served our country could qualify for a Veterans Affairs Home Loan [...]

By |2019-05-08T04:00:00-06:00May 8th, 2019|Buying Myths, Down Payments, First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers|Comments Off on The Benefits of a 20% Down Payment

How Quickly Can You Save Your Down Payment?

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state. Using data from HUD, Census and Apartment List, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a [...]

By |2019-04-29T04:00:54-06:00April 29th, 2019|Down Payments, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers|Comments Off on How Quickly Can You Save Your Down Payment?

Slaying the Largest Homebuying Myths Today [INFOGRAPHIC]

Some Highlights: The average down payment for first-time homebuyers is only 6%! Mortgage interest rates have been on the decline since November! Hop in now to lock in a low rate! 88% of property managers raised their rents in the last 12 months! The average credit score on approved loans continues to fall across many loan types!  

By |2019-04-12T04:00:54-06:00April 12th, 2019|Buying Myths, Down Payments, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Infographics, Interest Rates, Move-Up Buyers, Pricing, Rent vs. Buy|Comments Off on Slaying the Largest Homebuying Myths Today [INFOGRAPHIC]

Your Tax Refund Is The Key To Homeownership!

According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $3,143 this year when filing their taxes. This is down slightly from the average refund of $3,436 last year. Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals. For anyone looking to buy a home in 2019, this can be a great jump start toward a down payment! The map below shows the average tax refund Americans received last year by state. Many first-time [...]

By |2019-03-25T04:00:07-06:00March 25th, 2019|Down Payments, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers|Comments Off on Your Tax Refund Is The Key To Homeownership!

3 Tips for Making Your Dream of Buying A Home Come True [INFOGRAPHIC]

Some Highlights: Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking too much about it. Living within a budget right now will help you save money for down payments while also paying down other debts that might be holding you back. What are you willing to cut back on to make your dreams of homeownership a reality?

By |2019-02-22T05:00:18-06:00February 22nd, 2019|Down Payments, First Time Home Buyers, For Buyers, Infographics|Comments Off on 3 Tips for Making Your Dream of Buying A Home Come True [INFOGRAPHIC]

One More Time… You Do Not Need 20% Down to Buy a Home

The largest obstacle renters face when planning to buy a home is saving for a down payment. This challenge is amplified by rising rents, which has eaten into the amount of money renters have leftover for savings each month after paying expenses. In combination with higher rents, survey after survey has shown that non-homeowners (renters and those living rent-free with family or friends) believe they need to save upwards of 20% for their down payment! According to the “Barriers to Accessing Homeownership” study commissioned in [...]

By |2019-02-05T05:00:21-06:00February 5th, 2019|Buying Myths, Down Payments, First Time Home Buyers, For Buyers, For Sellers, Move-Up Buyers|Comments Off on One More Time… You Do Not Need 20% Down to Buy a Home

Will Your Side Hustle Buy You a House This Year?

The top concern for most first-time home buyers is their ability to save for a down payment. According to a new survey, 36% of millennials took on a second job to make their dreams of homeownership a reality in 2017.  Among millennials with incomes over $100,000 a year, the top ways to come up with the necessary funds were to sell stocks (20%) or to sell cryptocurrency (16%). The most popular method of savings was the most traditional; 60% of those saving for a down [...]

By |2018-11-21T05:00:30-06:00November 21st, 2018|Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Millennials|Comments Off on Will Your Side Hustle Buy You a House This Year?