Housing experts have done much research into why we don’t have more first-time home buyers entering the market. In looking at this issue, recent surveys of Millennials (the largest first-time home buyer pool in history) uncovered that 60% of these buyers believe you need a minimum down payment of 20% to purchase a home. This is not true!Millennials surveyed also pointed out that access to cash for a down payment is the biggest reason they continue to rent (even as rents continue to rise to historical levels).
Let’s set the record straight — there are many options for first-time home buyers today. From low down payment options, fully gifted down payments and down payment assistance, lenders who are serious about home purchase customers are doing their homework. The combination of planning, home buyer education and product selection can be a powerful tool to assist qualified buyers in achieving their dream to own a home.Getting started is easy: buyers should have a planning session with a lender today. Interest rates and home prices will eventually rise. Take advantage of today’s great home purchase market and call a Wisconsin Mortgage Corporation Loan Officer today! Or head to WMC’s first-time home buyers resource page here!