Buying your first home: the down payment by GINA POGOL
First-time home buyers face more hurdles than repeat buyers.
A first-time home buyer may have less savings. He or she might have a collection of student loans and other large debts. Perhaps the buyers is just starting a career. And of course, first-timers have no buying experience.
New buyers may even be about to live on their own for the very first time.
First-timers buy one-third of homes
According to the National Association of REALTORS®, first-time home buyers account for 1-in-3 homes sold nationwide. This is the lowest rate in close to 30 years.
Yet, with mortgage rates low and an abundance of low- and no-down payment mortgagesavailable from mortgage lenders, there’s never been a simpler time to get approved for your very first home loan.
This post is the first of a four-part series meant to help first-time home buyers get approved for their first mortgage and become homeowners.