The housing market is pretty hot right now. I’ve heard lots of stories locally and nationally about borrowers having to bid on properties only to lose out. And this makes it even harder for first-time homebuyers to have enough cash for their down payment.
In the mass of daily mortgage emails I get, the one recently titled “What Homebuyer Hopefuls Want From Agents And Lenders” caught my eye.
The article is quoted as saying, “We know the big issues: lack of starter home inventory, rising interest rates, student loan debt, and the hurdle of saving for a down payment. In fact, according to the Zillow Housing Aspiration Report, saving for a down payment was a barrier for 70%, topping other hurdles such as job security and qualifying for a mortgage.”
70% — that’s a heck of a lot of perspective homeowners. If they can’t save for their down payment they might never achieve the American Dream.
The article goes on to claim that future home buyers are willing to take financial education to become ready. In fact, 72% of the respondents to the survey stated they had taken or will take an online course or in-person class.
Click over to the Mortgages Are Memberlicious blog to finish reading about what credit unions can offer to first-time homebuyers.