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Michigan Home Loans | Paul Wolfert's Real Estate Tips and News Blog

Friday, February 10, 2017   /   by Paul Wolfert

Dissecting the 20% Down Payment Myth

By: Paul Wolfert

It turns out that the crazy amount of home sales happening nationally and here in Michigan have been chugging along at a good clip despite some huge things working against them.

At least that’s what I managed to take away from last month’s Aspiring Home Buyers Profile report. Not the most captivating thing to read. Trust me.

Aside from it nearly putting me to sleep, it did shed light on one obvious and one not-so-obvious widespread belief among would-be future homeowners. Curious? Good.

Home buyers are always a nice mix of current homeowners (who will usually also be selling) and first-timers.

Among those first-timers, a major drag on their willingness and ability to buy their own pad here in the “mitten” is student debt.

A virtual landfill worth has been written about that in recent years so it’s hardly a surprise that 39% of non-owners said that student loan payments are the primary reason they weren’t plannin; ...

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