The availability of mortgage credit is not at the same level that it was during the boom in housing (2005), and that’s good news.However, the constant headlines which talk about“tight credit”are causing some potential home buyers to doubt their ability to purchase. We want to rectify the misconception of what is required for a down payment in order to purchase a home in today’s market.
Freddie Macrecently discussedthe confusion many first-time homebuyers have about the down payment they need in order to buy:
“Did you know that the average down payment among first–time homebuyers is 6% and it’s 13–14% for repeat buyers…It’s possible to put down even less.
Many potential homebuyers think that only the FHA helps make mortgage loans with low down payments. Not true.
Freddie Mac’s Home Possible mortgage products let qualified homebuyers put down as little as 3%.”
Brenda Garcia Lemus ofJohn Burns Real Estate Consultingreportsthat this is also the case with newly constructed homes:
“Our home-builder clients sell hundreds of homes every weekend to buyers with 5% down payments and below average credit scores. Yet, many middle-income households with average credit and access to a 5% down payment assume they cannot become homeowners because of the ‘tight credit’ headlines.”
Before you ‘disqualify’ yourself, let’s get together to find out if you qualify to buy today. Give us a call at 913-732-1247
The KC Metro Team gives Kansas City area home buyers and sellers the highest quality services. As buyers agents we specialize in first time home buyers, active duty and veterans looking to use their VA home loan benefits and people looking for a good deal on foreclosures.
Our listing services set us apart from the competition by using professional photography for every house we list and both traditional and aggressive online marketing techniques.
The KC Metro Team's goal is to provide great service and become the real estate professionals you would recommend to your friends and family. Our excellent customer service team looks forward to serving you.
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"paul was outstanding one of the best I have ever meet. My aunt sells houses and he was way better than he in knowledge and experience. He always answered ever question and helped us find our perfect home. He never missed our phone call no matter how late it was. I recommend him to anyone that needs to find a home fast or slow he is the man to do it."