From the National Association of REALTORS® PROFILE OF HOME BUYERS AND SELLERS 2013
Home Purchase Financing
- 80% of home buyers financed their recent home purchase. Among those who financed their home purchase, buyers typically financed 90%.
- The share of first-time buyers who financed their home purchase was 95% compared to 86% of repeat buyers.
- More than 50% of home buyers reported they have made some sacrifices such as reducing spending on luxury items, entertainment or clothing.
- 24% of buyers reported the mortgage application and approval process was somewhat more difficult than expected and 16% reported it was much more difficult than expected.
- 12% of buyers overall cited saving for a downpayment was difficult. 43 % of buyers reported student loans, 38 % reported credit card debt, and 31% car loans as the reason for the difficulty.
Jumbo Loans are another Financing Option in the Desert Area
- Lenders are eager to comply with the Luxury Homebuyers when it comes to underwriting Jumbo loans. According to Inman News, Jumbo loan rates and terms have relaxed over the last 12 months to the point, they are very competitive to the interest rates for conventional loans. Lenders seem to be more confident about home prices.
Even though we’re getting late in the Season, NOW is still a great time to purchase in the Desert and there are great homes on the market right NOW! Contact me today!!