The share of first-time buyers who make down payments between 0 and 6 percent has decreased since 2009, going from 75 percent of first-timers to 65 percent in February.
MarketWatch reports that 6 percent is still the median down payment for first-timers, compared to 10 percent for all buyers.
Mortgages backed by the government, including the Federal Housing Administration, Fannie Mae, and Freddie Mac, have eased down payment requirements.
But those efforts have been “modest,” NAR noted, in part because most would-be buyers aren’t aware they exist. What’s more, they wrote, “some buyers may want to save for a bigger down payment to meet underwriting standards (e.g., debt-to-income ratios, loan-to-value ratios), save on mortgage insurance, or get a lower interest rate.”
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