Raising enough cash for a down payment is often the biggest hurdle for homebuyers. According to some estimates, it can take up to 15 years for people to save towards the purchase of a home, especially with conventional mortgages, which require anywhere between 5 to 20 percent down. If you’re trying to buy a $400,000 house, that could equate to $80,000 in cash you...
Get ready for Gen Z. People between the ages of 18 and 23 are eager to become homeowners, and many are already setting aside money for a down payment. More than half of Gen Zers surveyed said they are saving for a home, and 59 percent say they plan to buy a home within the next five years—before they reach the...
Millennials. Many were raised during the housing crisis and the recession. Their childhood experiences in a down market has shaped their outlook on home ownership. At least, that was the prevailing belief. A few years ago, it looked as though the millennial generation was rather uninterested in buying a home. In 2013, NAR was releasing reports showing a gradual, year-to-year, conspicuous...
More than 68 million single-family and condo households, about 87 percent, would qualify for down payment assistance available in the county where they are located. That's why CAR, in partnership with Down Payment Resource, has made available a portal through which both members and prospective homeowners can research their eligibility for various down payment assistance program based on property information, household...
Colorado Housing and Finance Authority (CHFA) announced this week that it is now offering its down payment assistance for homebuyers in the form of a non-repayable grant. The program will provide qualified borrowers with down payment and closing-cost assistance for up to 5 percent of the purchase price of a home.With Colorado home prices having increased by six percent in 2014...