How much do you think is required for a down payment? The vast majority of young renters surveyed said they plan to buy a home at some future point. So, what is preventing them from taking the plunge? A big part of it is the perception that they can’t.
Millennials consider down payment a top obstacle in getting a mortgage. Three-quarters of consumers are not aware of low down payment programs (3% to 5%), which means that many potential homebuyers are taking themselves out of the market – not because they can’t get a mortgage to buy a home, but because they believe they can’t.
It’s no surprise, in that survey, that lenders and real estate agents were the two most influential sources of information on getting a mortgage. So, together let’s tackle the information gap that is preventing Millennials from participating in homeownership.