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You Don't Need That Much of a Down Payment
Daily Real Estate News |
Many consumers are overestimating the down payment they need in order to purchase a home, according to Christina Boyle, vice president and head of single-family sales at Freddie Mac.
Consumers believe they need 11 percent to 15 percent in order for lenders to approve them for a loan, according to a survey of renters and non-home-owners conducted by Zelman & Associates in New York. Thirty-nine percent say they need at least 15 percent of the purchase price in order to qualify for financing. Only 28 percent of respondents say they would even qualify for a mortgage >>Read More Realtor Mag
NAHB: Homebuilder confidence hits 9-year high
Builders optimistic even with mortgage apps at 14-year low
Builder confidence in the market for newly built, single-family homes rose for a fourth consecutive month in September to a nine-year high.
The National Association of Home Builders/Wells Fargo Housing Market Index, released Wednesday, hit 59 — the highest level since November 2005.
Ironically, despite this week’s gains, mortgage applications are at a 14-year low.
“Since early summer, builders in many markets across the nation have been reporting that buyer interest and traffic have picked up, which is a positive sign that the housing market is moving in the right direction,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Delaware.
“While a firming job market is helping to unleash pent-up demand for new homes and contributing to a gradual, upward trend in builder confidence, we are still not seeing much activity from first-time homebuyers,” said NAHB Chief Economist David Crowe. “Other factors impeding the pace of the housing recovery include persistently tight credit conditions for consumers and rising costs for materials, lots and labor.”