"Despite the optimism surrounding home equity access, affordability remains a significant barrier, with one-third of potential borrowers inquiring about down payment assistance or lower down payment programs."
"HomeLight's report indicates that an increasing number of homeowners are facing foreclosure, primarily due to job loss or prolonged unemployment, especially among those aged 35 to 44."
"More than half of surveyed lenders reported clients asking about financing for alternative homes, with manufactured and mobile homes being the top choices for first-time buyers."
"The buy-before-you-sell strategy is gaining momentum, allowing homeowners to leverage their record equity to purchase a new home before selling their current one."
Access to home equity is increasing, encouraging consumers to pursue homeownership despite affordability challenges. Many potential borrowers are seeking down payment assistance, with a significant interest in zero-down mortgages. Foreclosure rates are expected to rise, particularly among younger homeowners facing job loss. Lenders report a growing interest in nontraditional homes, such as manufactured and mobile homes, as first-time buyers look for lower-cost options. The buy-before-you-sell strategy is becoming popular among existing homeowners leveraging their equity for new purchases.
Read at www.housingwire.com
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