"About 85% of homeowners with mortgages say there is something they wish they had known before starting the homebuying process, according to a new national survey of New American Funding."
"The biggest blind spot is down payments. Roughly 20% of respondents said they wish they had known about down payment assistance programs before buying."
"Overall, 72.6% of respondents reported putting down 10% or less on their homes. Baby boomers were the most likely to make a down payment of more than 20%, at 18.1%."
"Regionally, knowledge gaps around down payments varied. Homeowners in the Northeast were roughly twice as likely as those in the West to say they wish they had known they didn't need a 20% down payment."
A national survey reveals that 85% of homeowners with mortgages wish they had known more about down payment options before purchasing. Many respondents were unaware of down payment assistance programs, with 20% expressing this sentiment. The misconception that a 20% down payment is necessary is prevalent, yet 72.6% of homeowners reported putting down 10% or less. Younger buyers, particularly Gen Z and millennials, often utilize low-down-payment financing options. Regional differences exist, with homeowners in the Northeast more likely to express a desire for knowledge about down payment requirements.
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