The #1 homebuyer obstacle is affordability followed by discrimination, mortgage access and agent performance according to the National Association of Realtors (NAR) latest consumer survey. Measures are being taken to reduce these barriers by NAR so that the economy can thrive.
Affordability in the housing market is of great concern. Rising rates, low inventory and inflation on the rise!
In this time of uncertainty there is a great new tool from our local MLS called the Downpayment Resource. You will find down payment help here. You do not need 20% down to purchase a home!
You don’t need 20% down.
A 20% down payment on a home is great, but it’s not a requirement. Many mortgages require no more than 3% to 5% of the purchase price as a down payment. Plus, there are loans and grants that may help cover these costs. Search for down payment assistance in your area, and let’s discuss your results!
4 Common Down Payment Program Myths Debunked – Down Payment Resource
5 Ways You Can Benefit From Down Payment Programs
- Helps you to purchase a home sooner.
- Helps offset FHA premiums and mortgage insurance.
- Helps community service employees live close to their job.
- Gives you an important cash cushion.
- provides valuable homeownership education.
If you like what you are reading in this blog please contact Elisa, Associate Broker, The Ronald Midili Home Team at McGrath Realty Inc, a 35+ year residential expert. We specialize in a delivering an educational and stress-free real estate experience.
This was originally published May 2022.
914-912-1355 call/text or Ebruno@ElisaBrunoMidili.com
Elisa Bruno-Midili is a local guide, Realtor and small business advocate. A Westchester resident for about 45 years she grew up in the Bronx in the 60s and attended school in the 70s. Elisa always considered herself an artist expressing herself through design, photography, graphics and now as a curator of content.