What is the Required Down Payment for Buying a House?
How much should you put down on a house? What is the average down payment for a house? The median homebuyer typically puts down 13%. For buyers under 32, this drops to 8%, and certain mortgage programs even allow for down payments as low as 3% or none at all. While putting down 20% to...
Buying a Home: A 15-Step Guide to the Homebuying Process
We’ve simplified the homebuying journey into 15 key steps—a comprehensive checklist for buying a home. Each step involves decisions and actions. Some may be stressful, some exciting, and others, admittedly, a bit tedious. But every step brings you closer to achieving homeownership. 1. Make sure you’re ready Financial preparedness is essential for buying a home...
39% of homebuyers are unable to afford a 5% down payment.
Decreasing affordability For those tracking the housing market, the past few years have been a battleground for homebuyers. Intense competition and limited housing supply caused prices to skyrocket. As affordability worsened, fewer buyers were able to save enough for a down payment compared to pre-pandemic times. In 2022, almost 40% of potential buyers were unable...
39% of Home Buyers are Unable to Afford a 5% Down Payment.
Falling Affordability The housing market has become increasingly challenging for buyers in recent years. Intense competition and limited inventory drove prices higher, making it tougher for buyers to afford homes. As affordability declined, fewer borrowers could save enough for a down payment than in pre-pandemic years. In 2022, nearly 40% of prospective borrowers couldn’t manage...
2024 Mortgage Forbearance: End Dates and Extension Options
Is Your Mortgage Forbearance Ending Soon? At the peak of the pandemic, mortgage forbearance served as an essential support for millions of homeowners. However, many who participated in a CARES Act forbearance program have now seen their plans come to an end. If your forbearance period is approaching its end, there are several repayment options...
2024 Guide: Prequalifying for a Home Loan as a First-Time Buyer
Why First-Time Home Buyers Should Consider Prequalifying for a Mortgage When starting the home-buying journey, one of the first steps is often prequalifying for a mortgage. Prequalification gives you a rough estimate of how much home you can afford, allowing you to focus on properties within your budget. This step is usually quick and straightforward...