Find your home
Real Estate Professionals
JCS Investment & Realty, Inc CA DRE Lic #01361979............................. JCS Investment & Realty, Inc provides home sellers and buyers with an innovative real estate solution. By using the efficiency of the Internet, we have streamlined the real estate process and are able to pass significant savings on to our clients. Our licensed Agents have years of experience in the areas they serve, allowing you to save thousands, without compromising on service. It is our goal at JCS Investment & Realty, Inc to continue to gain our clients’ trust and their referrals.
Dispelling the Myth of the 20 percent Down Payment
by Odeta Kushi, Deputy Chief Economist at First American
" Who is Making Low Down Payments? " Unsurprisingly, Millennials are much more likely to get a mortgage with a lower down payment (3-5 percent). According to data from the 2017 american Housing Survey, approximately 20 percent of millennials opt to do so, double the rate of all homeowners. By comparison, older generations tend to make a larger down payment. Millennials are more likely to be first time home buyers, which partially explains why they don't have the same amount of equity as older generations to use for a down payment. Though they are likely to gravitate to lower down payments, nearly 10 percent of first time millennial buyers still put down 16-20 percent. Survey results like those from Fannie suggest many of them may be unaware of lower down payment options, believing they need 20 percent down to qualify for a mortgage. Bottom Line: Saving for a down payment is one of the biggest obstacles faced by first time home buyers. Dispelling the 20 percent down payment myth could open the path to home ownership for many more. As millennials continue to form households and age into their 30's their demand for housing will continue to rise. While many are already becoming homeowners, dispelling the misconceptions about the qualifications needed for a mortgage may boost home ownership and better position the housing market to reap the benefit of the millennial demographic tailwind. ................
