A recent Bankrate.com survey finds while 29 percent of renters say they can’t afford a down payment, nearly a quarter report they don’t have a clue how much they would put down to buy a home.
Only 9 percent of non-homeowners said they would put down 1 – 5 percent of the purchase price as a down payment. It’s possible to get an FHA loan with just 3.5 percent down, or a conventional loan with 3 percent down.
As real estate professionals specializing in multi-family properties, we come across a lot of rental clients. Many of them are unaware of what is required to purchase a home. They are uninformed about the various programs available to assist with down-payment costs. As the real estate market continues to rebound and home values increase, many renters are feeling the heat with rising rent costs, making it harder to save for a down payment.
We take time to research programs and educate potential clients on what is needed to purchase a home and provide resources to assist them in setting goals, finding financial assistance programs and becoming more financially responsible to build wealth through real estate. For more information on our upcoming FREE seminars, please visit www.urbanmoneymatters.com or contact us at Contact@MandrellCo.com
We look forward to serving you.