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Will 3% down payments boost millennial homeownership?

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You Can Buy A House With 3% Down. But You Shouldn’t.. which would be the most damaging for those homeowners with the least home equity.. and a 3% down payment simply doesn’t fit the bill.

– Millennial Money – You might only need a 3% down payment. You could only need 3% for a down payment fannie mae found that 64% of millennial renters were completely unfamiliar with programs allowing down payments in the 3-5% range.

The Federal Housing Finance Agency announced the mortgage guideline change monday, hoping the rock-bottom down payments will boost homeownership rates, which dropped during the housing bust.

Aiming to boost homeownership. down payment assistance program, which provides up to $3,600 to qualifying low-income buyers or those buying in low-income areas. Additionally, the Fifth Third.

Mortgage pros foresee new trend toward 3%-down-payment loans. previously reported on how the record-low housing supply crunch is.

The homeownership rate increased to 64.4% in the third quarter of 2018, according to the latest report from the U.S. Census Bureau. This is up slightly from 64.3% in the second quarter and from 63.

Nearly 80% of the generation born after Millennials desire to become homeowners before. affordable areas or different down payment amounts,” she said. “Some widely available programs allow down.

The map below shows what percentage of a 3% down payment is covered by the average tax refund by taking into account the median price of homes sold by state. The darker the blue, the closer your tax refund gets you to homeownership!

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According to research, it would take the average American more than a decade to save up for a 20% down payment on a median-priced home. For those looking to buy a home within the near future, that’s simply not feasible. The good news, however, is that a 3% down payment is well within reach for many homebuyers.

Make it 100% yours with as little as 3% down. You might be planning on owning a home someday – but with as little as 3% down, that day could actually be right now. Because a small down payment can get you a long way. So talk to a lender today to find out if you prequalify.

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