Feb 12

What Has Non-Owners Afraid to Buy

What Has Non-Owners Afraid to Buy

 

What Has Non-Owners Afraid to Buy

What Has Non-Owners Afraid to Buy

Almost half of renters surveyed by Bankrate.com say they haven’t purchased a home yet because they believe their credit isn’t good enough to qualify for a mortgage or they can’t afford a down payment.

“A lot of people make assumptions that they can’t afford to buy based on just some perceptions, and many have not taken the step to figure out how mortgage-ready they are,” says Marietta Rodriguez, vice president of NeighborWorks America, a national home ownership programs.

Bankrate.com’s survey found that Hispanics are the ethnic group most likely to say that their credit is blocking them from home ownership. On the other hand, blacks and whites cited the main reason for not buying yet as they just weren’t ready to own a home yet.

Overall, 35 percent of non-home owners say they don’t want to own a house yet, according to the survey. Blame that percentage on the still-lingering after-effects of the housing crisis, says Pava Leyrer, COO for Northern Mortgage Services in Grandville, Mich.

“A lot of people went through some deep pains in the past 10 years or less,” such as foreclosures, job losses, or bankruptcy filings, Leyrer says. “All of those things are traumatic in your life.”

Fear aside, many non-home owners are under the assumption that they need a higher down payment to purchase a house than is actually needed. About 20 percent of respondents to Bankrate’s survey said they need between 11 percent to 20 percent for a down payment, while 17 percent said they need 6 percent to 10 percent.

Nearly a quarter of non-home owners said, however, they “don’t’ know” how much they need for a down payment. Only 9 percent of respondents said they could do a 1 percent to 5 percent down payment.

Many non-home owners seem to lack awareness that they can get an FHA loan with just a 3.5 percent down payment or a conventional loan with a 3 percent down payment, says Rob Chrane, president and CEO at Down Payment Resource in Atlanta.

“The biggest single issue is that consumers just don’t know these programs even exist,” Chrane says. “If you don’t know of the possibility then you don’t know to ask people for help with it.”

Source: “Bankrate Survey: Nearly Half of Renters Are Afraid They Can’t Buy,” Bankrate.com (Feb. 9, 2016)

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.