Homeownership Program Index Report Debunks Top 5 Down Payment Myths
Down Payment Resource, the nationwide database for homebuyer programs, released its Fourth Quarter 2019 Homeownership Program Index (HPI). The latest HPI data debunks five common down payment myths that may be keeping buyers on the sidelines longer than necessary.
Down Payment Resource (DPR) communicates with 1,165 program administrators to track and update the country’s wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates (MCCs), affordable first mortgages and more.
First-time homebuyer growth
A 2019 TransUnion analysis found that the next three years are expected to produce more first time homebuyers than any point since the recession — at least 8.3 million. However, TransUnion’s October 2019 survey of non-homeowners reported only one-third of the respondents said they actually understood the home buying process, and only 1% of survey respondents said the home buying process was easy. In addition, one in three respondents (34%) said they were not familiar with any mortgage financing options, and two-thirds of respondents were not familiar with government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac.
“Today’s market is attracting Millennial and Gen Z first-time homebuyers. The housing industry can do more to educate the future of the market about their home financing options, especially down payment assistance,” said Rob Chrane, CEO of Down Payment Resource. keep reading
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