Homebuyers with less than a 10% down payment hits 7-year high

    If you thought home ownership was out of your reach, it may be closer than you think. Black Knight Financial Service’s recent Mortgage Monitor Report revealed that 1.5 million Americans have bought a home in the last year with less than a 10% down payment.

    There are many mortgage programs out there. Mortgage giants such as Freddie Mac and Fannie Mae have programs set in place to allow buyers to purchase a home with as little as 3% down. As a result, the housing market is continuing to strengthen.

    Not just first-time homebuyers are taking advantage of these low down payment programs. Current homeowners are tapping into the equity in their home at the time of sale and using that to pay off other existing debt and taking advantage of the low down payment program on their next home purchase.

    What does all this mean? It means gone are the days of needing 20% down to obtain a mortgage. If you are ready to buy your dream home, The Ferzoco Group is here to help. A great place to start is to visit our sponsored lender and get pre-qualified.

    The Ferzoco Group are experts in real estate from Ocean City to Cape May. Real estate is one of the biggest investments of your life and The Ferzoco Group knows what it takes for you to take that leap of faith in real estate. We provide you with the tools, professional service, and resources it will take for you to live the dream. Contact us here, or give us a call directly at (609) 399-5454. We are here to help you with all your real estate needs.

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