Recently, many surveys have come out highlighting the confusion around the down payment necessary for a home mortgage loan. For example, Ipson reported that 36% of the Americans think a 20% down payment is always required. What about the Hispanics?
What do Hispanics believe about the down payment?
In the Wave 3: “Hispanics and Financial Services” of the Hispanic Millennial Project, they reported that, among the Hispanic millennials planning to get a mortgage, 74% said they are currently saving for a down payment. However, 63% said they need to be educated on how much they will need to save. Of those who are not planning to get a mortgage, 32% say that it is because they don’t have enough money saved for a down payment. And these numbers represent only the millennials.
TD bank did a survey with 1,002 Hispanics who are not currently homeowners, but are considering the purchase of a home within the next 5 years. When mentioning possible ways they are planning to come up with the necessary funds to buy their first home, 46% say they will consider using affordability programs.
Where can they find these programs?
Last weekend, I had the opportunity to learn about downpayment.org. On this website, you can find federal, state and local housing finance agencies that may be able to help you with some money for your down payment.
You give them your zip code and some data about yourself and they give you the number of programs available in your area. If you would like to get more information, they will put you in contact with a down payment advisor who can help you to apply to get the funds.