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Down Payment Programs 101
 Two of the most common homebuyer questions are: What exactly is a homeownership program? How do they work?
We break it down for you in our latest blog post about the basics of down payment programs. Find out the three most common types of programs, common eligibility requirements, the real definition of a first-time homebuyer and more. |
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Millennials and motivation
Now may be a good time to buy a home, but Bank of America found out that it’s not a key driver for first-time homebuyers. More first-time buyers are motivated by emotional factors (76%) than financial factors (63%) when making the decision to buy a home, the report found.
However, buyers also cite finances as one of the top reasons blocking them, especially when it comes to the down payment on a home.
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National median home price requires 30 percent of average wage
According to RealtyTrac, in the first quarter of 2016, the average wage earner needed to spend 30.2 percent of monthly wages to make monthly mortgage payments (including property taxes and insurance) on a median-priced home ($199,000), up from 26.4 percent of average wages needed to buy a median-priced home in the first quarter of 2015.
The affordability report also found that 9 percent of U.S. county housing markets were less affordable than their historically normal levels, up from 2 percent of markets that exceeded historic home affordability levels a year ago.
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Cities with solid inventory and affordability
Inventory is an issue in many areas. In fact, economist Elliot Eisenberg found that the number of units for sale divided by the number of households has been flat at 1.7% since early 2013, its lowest level ever!
However there are some markets with a sweet spot for first-time homebuyers, featuring the inventory, affordability and mortgage access that these buyers need. Realtor.com gives you a top 10 list.
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HAVE YOU USED A DOWN PAYMENT PROGRAM?
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Homebuyers, we want to hear from you. Tell us your home buying story. Did you use a homeownership program and/or take a homeownership class? Drop us a note at info@downpaymentresource.com.
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 eHome America provides a smooth path to opening the door to your home.
As a nationwide non-profit network, we combine the ease and convenience of powerful online information with the personal touch of a trusted advisor in your community.
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