Recently, Ipsos released a report in which they surveyed people who had already applied for a mortgage, or had started the mortgage application process, within the last two years. The question answered by the respondents was: What was challenging or surprising (positively or negatively) about the home buying and mortgage process?
Here is a result that caught our attention: 50% of Hispanic respondents believe that a 20% down payment is required to purchase a home!
The good news is that these buyers DON’T need a 20% down payment. In fact, there are many programs available, as we have mentioned before, with as low as a 3% down payment.
CoreLogic, in their Market Pulse Report, said that, “Consumers are cautious more than they have been in the past and thus the self-sidelining of cautious/discouraged consumers makes it appear as if credit is tightening.”
It is not that the programs are not available, it is the fact that the buyers are disqualifying themselves from buying a home because they don’t realize that they can get a mortgage.
If you are a Hispanic who believes that you need a 20% down payment, call your local real estate professional today and find out what programs are available in your neighborhood that require less than 20% down.