How are new Borrowers Managing to Come up With Down Payments?

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Posted To: MND NewsWire

Freddie Mac periodically looks at how and from where homebuyers are managing to acquire their down payments and they did so , particularly first-timers. This week, as the focus of an Insights report, the company says it continues to find that part of the challenge faced by those planning to purchase is their perception of how much money they actually need. A recent survey of individuals planning a purchase within the next three years found that nearly a third thought a 20 percent down payment was required . Over 30 percent of renters and 25 percent of existing homeowners didn’t know how much was required but 70 percent said if it were 20 percent it would delay their purchase and nearly 30 percent indicated that amount would prevent them from ever buying. Many also assumed that the down money…(read more)

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