This is a YouTube video titled '#homeloans #fha #firsttimehomebuyer #fhaloans #downpayment' containing a monologue or presentation from May 27, 2023, discussing the misconceptions first-time homebuyers have about down payment requirements and emphasizing the importance of educating them about lower down payment options to increase market participation.
With more first time home buyers in the market right now, it's important that we also tailor our approach to help equip first time homebuyers and guide them through the misconceptions. A recent study by national association of Realtors showed that only 11% of first time home buyers knew that they could have a down payment as low as 5% when buying a home. 45% of first time homebuyers that were pulled thought they had to have 20% down to buy a home. So so many, almost half of the first time home buyers took themselves out of the market completely and that's a huge deal. They're not even showing up on as a lead source. They're not even reaching out to you because they don't think they have 20 down and they think that's what they need. And if we stop and think about that on a $400,000 house, let's call it 20% down is 80 grand, 5% down is 20 grand. And we know there's lower and no down payment options as well. So huge difference. I think it's important that we just let this information get out there so people know, hey, I could speak up, I could be a first time home buyer. So let's try to educate the first time home buyers and help them buy a home.
