Renters who want to buy in the future may feel like they have the cards stack against them. We know the big issues: lack of starter home inventory, rising interest rates, student loan debt and the hurdle of saving for a down payment. In fact, according to a survey, saving for a down payment was a barrier for 70 percent of renters, topping other hurdles such as job security and qualifying for a mortgage. 

Saving for a low down payment remains challenging. Sixty-five percent surveyed said they think it will be moderately to extremely difficult to save for a down payment. 

Education important for future homebuyers 
Today’s buyers are more eager to take homebuying education into their own hands. In fact, 72 percent of the respondents said they plan to complete an online or in-person homebuyer education course. And more than 50 percent have already researched down payment programs. They also want valuable information from experts. A whopping 92 percent want information on down payment programs from their agent or lender. 

Would-be buyers are also interested in information about mortgage options and the homebuying process. In a separate Down Payment Resource survey of 100 recent homebuyers, 63 percent said they wished their agent or lender had provided information about down payment programs during the homebuying process, ranking the higher than any other category. 

How can lenders help future homebuyers? 
When it comes to new homebuyers, more information is better. We encourage you to do your own research. By opening the gate to information including down payment help and mortgage choices, we strive to build buyer trust. We are going to hand hold and educate  throughout the whole process.

Let us know how we can help you with your homebuying goals!