According to the Realtors® Confidence Index, 35 percent of recent mortgages were made with a down payment of 20 percent or more. Moreover, Realtors® reported that because of tight underwriting standards, buyers who pay cash or put down large down payments generally win against those with lower down payments.
With lending restrictions making it difficult for some buyers to enter the market it’s more important than ever to have your finances in order and enough money saved for a down payment. For first-time buyers the most common sources of a down payment are savings and gifts from a relative or friend. However, many factors like rising rents and debt make it difficult for consumers to save up for that down payment. Not sure what you need to do? Contact one of our experienced Realtors at KLM Properties, they can help guide you in the right direction! Go to www.klmproperties/agents or call us at 304.296.1533.