Omaha Real Estate

69% of Buyers are Wrong About Down Payment Needs

69% of Buyers are Wrong About Down Payment Needs

69% of Buyers are Wrong About Down Payment Needs | MyKCM

According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, mortgage professionals say that first-time buyers still believe a 20% down payment is necessary to buy in today’s market.

Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership.

If homeowners believe that they need a 20% down payment to enter the market, they also believe that they will have to wait years (in some markets) to come up with the necessary funds to buy their dream homes.

The greatest source of confusion cited in the survey results centered around down payments. The results are broken down in the chart below:

69% of Buyers are Wrong About Down Payment Needs | MyKCM

Rohit Gupta, CEO of Genworth Mortgage Insurance had this to say,

"While first-time homebuyers continue to drive the purchase market, we believe many are staying on the sidelines due to the misconception that a 20 percent down payment is required to secure a mortgage.

There are various low down payment options available today that allow prospective homebuyers to reach their dreams of homeownership sooner. It is crucial that, as an industry, we proactively educate eligible borrowers about solutions that will enable them to buy a home when they're ready."

Bottom Line

Don’t let a lack of understanding of the home-buying process keep you and your family out of the housing market. Let’s get together to discuss your options!

69% of Buyers are Wrong About Down Payment Needs
share
69% of Buyers are Wrong About Down Payment Needs According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference mortgage professionals say that first-time buyers still… more
5 Reasons You Should Sell This Summer
share
5 Reasons You Should Sell This Summer Here are five reasons listing your Omaha home for sale this summer makes sense. 1. Demand Is Strong The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand… more
Working with a Local Real Estate Professional Makes All the Difference
share
Why Working with a Local Real Estate Professional Makes All the Difference If you’ve entered the real estate market, as a buyer or a seller, you’ve inevitably heard the real estate mantra, “location, location, location” in reference to how… more
NEW LISTING! Bellevue Home for Sale in Fairview
share
BUY THIS HOME & HAVE NO PAYMENTS FOR UP TO 6 MONTHS, CALL 402-676-6700. PREINSPECTED! Exceptional ranch home in the Fairview subdivision. This beautiful home features a traditional ranch floor plan. The master suite includes a walk-in closet,… more
Omaha Home for Sale in Wood Creek
share
BUY THIS HOME & HAVE NO PAYMENTS FOR UP TO 6 MONTHS, CALL 402-676-6700. Unbelievably well-maintained and charming home that you’ve been waiting for. Step inside and discover the open floor layout with refinished hardwood floor and new… more
More Americans Chose to Own a Home Than Rent in Q1
share
More Americans Chose to Own a Home Than Rent in Q1 According to the latest report from the US Census Bureau more Americans chose purchasing a home over signing a lease to rent in the first quarter of 2017. This marks the first time since 2006… more
5 Reasons to Hire a Real Estate Professional When Buying or Selling!
share
5 Reasons to Hire a Real Estate Professional When Buying or Selling! Whether you are buying or selling a home it can be quite an adventurous journey, which is why you need an experienced Omaha real estate professional to guide you on the path to… more
NEW LISTING! Split Entry Home for Sale in Harrison Park
share
BUY THIS HOME & HAVE NO PAYMENTS FOR UP TO 6 MONTHS, CALL 402-676-6700. This home is everything you have been hoping would hit the market. The fabulous huge eat-in kitchen will knock your socks off with its dark wood cabinets, stainless steel… more
Gallup: Real Estate is Best Long-Term Investment 4 Years Running
share
Gallup: Real Estate is Best Long-Term Investment 4 Years Running Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks/mutual funds, gold,… more
Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early!
share
Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early! If you are considering moving up to your dream Omaha home it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home… more