14 First-Time Home Buyer Programs |
November 13, 2023 |
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![14 First-Time Home Buyer Programs [2024 Updates] 14 First-Time Home Buyer Programs [2024 Updates]](https://cdn1.app-us1.com/8339069bd26e47969682d527066d8b5b/video/image16998992299973337.png) |
Hi, Home Buyer.
The National Association of REALTORS® released its annual Profile of Buyers and Sellers report this week.
The report details trends in home buying including demographics of U.S. home buyers, common home search tactics, and mortgage financing choices.
This year's report shows the typical first-time home buyer's down payment increased two points to 8 percent, which is the highest median down payment for first-time buyer since 1995.
The report doesn't speculate on why the median down payment increased - especially during a period wherelow- and no-downpayment mortgages became more
accessible. My guess: buyers want their offers to look more attractive in a competitive market.
Making a bigger down payment doesn't make your offer more attractive - having a mortgage pre-approval does.
So, to get a pre-approval without being forced to make a large downpayment, take a look at 14 programs for first-time buyers that require 5%
down or less.
Read the article or watch the video. Just make sure you're not delaying your American Dream of Homeownership, trying to save for a down payment.
Happy Homebuying!
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Dan Green NMLS #423065 See today's mortgage rates here
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HOMEBUYER.COM STATISTIC OF THE DAY Source: NAR
First-Time Home Buyer Statistics:
Median down payment: 8%
38% said "savings for a downpayment" was the most difficult part of buying a home
41% of buyers looked at properties before calling a real estate agent
13% purchased new construction
The typical first-time buyer is 35 years old
Data based on survey mailed to 189,750 recent home buyers who purchased a primary residence property between July 2022 and June 2023.
See Profile of Buyers and Sellers Report here.
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MORTGAGE RATE
CALENDAR Upcoming events that may change the direction of mortgage rates
November 14, 2023: Consumer Price Index
November 15, 2023: Producer Price Indec
November 15, 2023: Retail Sales
November 16, 2023: Homebuilder Confidence
November 17, 2023: Housing Starts
November 17, 2023: Building Permits
Subscribe to our YouTube channel for additional insight.
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FIRST-TIME HOME BUYER PROGRAMS Status of select
first-time home buyer bills in Congress The Downpayment Toward Equity Act A cash grant up to $25,000 for first-time, first-generation home buyers. - Last Action in Congress: June 21, 2023 - Status: Not yet passed - Alternative Mortgages: Conventional 100, 100% USDA
The DASH Act A $15,000 first-time home buyer tax credit. - Last Action in Congress: March 7, 2023 - Status: Not yet passed - Alternative Mortgages: HomeReady, HomePossible
The HELPER Act A 100% mortgage for teachers & first responders. - Last Action in Congress: May 10, 2023 - Status: Not yet passed - Alternative Mortgages: Conventional 100, VA Mortgage
The LIFT Act A mortgage that builds home equity faster. - Last Action in Congress: June 22, 2023 - Status: Not yet passed - Alternative Mortgages: None
The Middle Class Mortgage Insurance Premium Act
A bill to make mortgage insurance tax deductions permanent for homeowners earning less than $100,000/$200,000.
- Last Action in Congress: June 13, 2023 - Status: Not yet passed
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