This week TD Bank, released their First-Time Homebuyer Pulse. They surveyed 1,002 people who are not currently homeowners but are considering buying a home within the next 5 years.
The survey revealed that 66% of Hispanics who are planning to buy a home, would like to provide a 20% down payment or more when doing so. According to Scott Haymore, Head of Mortgage Pricing and Secondary Markets at TD Bank:
“Many first-time buyers today are finding it difficult to save for a large down payment, especially young adults who are saddled with substantial student debt.”
First-Time Home Buyers remain hopeful.
The top three ways that Hispanics plan on coming up with the funds necessary to buy their first home are:
- Cash Savings
- A Mortgage
- And 46% will consider using affordability programs
Also, 71% said they will buy their first home with a spouse/partner; compared to 56% of the general population.
What are they looking for?
62% said they are interested in a move-in ready home and 32% are looking in a big city or urban area. The amenities that they prefer are: a backyard or a pool, attractive design and close proximity to water and green spaces.
When are they planning to buy?
46% of the Hispanics surveyed plan to buy their first home within the next two years while and additional 38% plan on purchasing in the next three to five years.
There is a new wave of buyers ready to come to market; and as Mr. Haymore stated in his press release: “The great news is that many lenders today are offering home affordability and down payment assistance programs”.
If you are one of the many planning to buy your first home soon, call your local realtor or loan officer and learn about the options available for you in your community.