RETECHNOLOGY PREMIUM MARKETPLACE RELATED PRODUCTS | WEBINARS | SPECIAL OFFERS
You are viewing our site as a Broker, Switch Your View:
Agent | Broker Reset Filters to Default Back to List
Due to the ongoing situation with Covid-19, we are offering 3 months free on the agent monthly membership with coupon code: COVID-19A
UNLIMITED ACCESS
With an RE Technology membership you'll be able to view as many articles as you like, from any device that has a valid web browser.
Purchase AccountNOT INTERESTED?
RE Technology lets you freely read 5 pieces of content a Month. If you don't want to purchase an account then you'll be able to read new content again once next month rolls around. In the meantime feel free to continue looking around at what type of content we do publish, you'll be able sign up at any time if you later decide you want to be a member.
Browse the siteARE YOU ALREADY A MEMBER?
Sign into your accountWhat’s the Average Down Payment?
June 18 2015
With affordable loan options on the rise today, it's somewhat surprising that Wells Fargo's annual homeownership survey (released June 16, 2015) found that 36 percent of consumers believe that a 20 percent down payment is always required. Even more troubling, a higher proportion of African-Americans and Hispanics hold this belief, at 58 percent and 55 percent respectively.
What's the reality?
RealtyTrac's Home Purchase Down Payment Report (released June 3, 2015) showed the average down payment for single family homes, condos and townhomes purchased in the first quarter 2015 was 14.8 percent of the purchase price–a three-year low. The report also found that the average down payment for FHA purchase loans originated in the first quarter was 2.9 percent of the purchase price while the average down payment for conventional loans was 18.4 percent of the purchase price.