First-Time Buyers Need To Understand Their Credit Scores And Consider Smaller Down Payments

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October 21, 2016

Now representing over half of prospective buyers, first-timers are expected to make a splash in the market in 2017.

Jonathan Smoke, the chief economist of Realtor.com, offers a few tips for these newbies. First-time buyers need to understand the importance of improving their credit scores, and they need to know that the 20 percent down payment isn’t mandatory. They could pay less than 5 percent down. Also, Smoke says Realtor agents make the buying process easier.

First-time buyers are more than three times more likely than a repeat buyer to say that they lack the funds for a down payment. Likewise, they are 2.9 times more likely to be held back because they are subject to the terms of a lease. And they are 2.7 times more likely to say that they need to improve their credit score. Other big challenges that hit millennial first-time buyers more than other buyers include qualifying for a mortgage and finding a home that fits their budget range.

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