[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1jsp4fv9doz6":3,"$ffeh0925h8cuz":43,"$fbwk2pqjjqsc7":47},{"item":4,"previous":31,"next":37},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":29,"updatedAt":30},840,"69-of-buyers-are-wrong-about-down-payment-needs","69% of Buyers are Wrong About Down Payment Needs","According to a recent \u003Ca href=\"http:\u002F\u002Fnewsroom.genworth.com\u002F2017-05-18-First-Time-Homebuyers-Deterred-from-Purchasing-By-Down-Payment-Misperceptions-According-to-Genworth-Industry-Survey\">survey\u003C\u002Fa> conducted by \u003Cem>Genworth Financial Inc.\u003C\u002Fem> at the \u003Cem>Annual Mortgage Bankers’ Association Secondary Market Conference\u003C\u002Fem>, mortgage professionals say that first-time buyers still believe a 20% down payment is necessary to buy in today’s market. ","","blog","https:\u002F\u002Fsimplifyingmedia\u002Fwp-content\u002Fuploads\u002F2017\u002F06\u002F06150549\u002F20170607-Share-STM.jpg","According to a recent \u003Ca href=\"http:\u002F\u002Fnewsroom.genworth.com\u002F2017-05-18-First-Time-Homebuyers-Deterred-from-Purchasing-By-Down-Payment-Misperceptions-According-to-Genworth-Industry-Survey\">survey\u003C\u002Fa> conducted by \u003Cem>Genworth Financial Inc.\u003C\u002Fem> at the \u003Cem>Annual Mortgage Bankers’ Association Secondary Market Conference\u003C\u002Fem>, mortgage professionals say that first-time buyers still believe a 20% down payment is necessary to buy in today’s market. \u003C!--more-->\r\n\r\nNearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership.\r\n\r\nIf homeowners believe that they need a 20% down payment to enter the market, they also believe that they will have to wait years (in some markets) to come up with the necessary funds to buy their dream homes.\r\n\r\nThe greatest source of confusion cited in the survey results centered around down payments. The results are broken down in the chart below:\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2017\u002F06\u002F20170607-STM-ENG.jpg\">\u003Cimg class=\"alignnone wp-image-35651\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2017\u002F06\u002F20170607-STM-ENG.jpg\" alt=\"69% of Buyers are Wrong About Down Payment Needs | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\r\nRohit Gupta, \u003Cem>CEO of Genworth Mortgage Insurance\u003C\u002Fem> had this to say,\r\n\u003Cblockquote>\u003Cem>\"While first-time homebuyers continue to drive the purchase market, we believe many are staying on the sidelines due to the misconception that a 20 percent down payment is required to secure a mortgage.\u003C\u002Fem>\r\n\r\n\u003Cem>There are various low down payment options available today that allow prospective homebuyers to reach their dreams of homeownership sooner. It is crucial that, as an industry, we proactively educate eligible borrowers about solutions that will enable them to buy a home when they're ready.\"\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nDon’t let a lack of understanding of the home-buying process keep you and your family out of the housing market. Let’s get together to discuss your options!","\r\nDon’t let a lack of understanding of the home-buying process keep you and your family out of the housing market. Let’s get together to discuss your options!","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2017\u002F06\u002F20170607-STM-ENG.jpg",false,[17,21,25],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},11,"First-Time Buyers","first-time-buyers",{"id":26,"name":27,"slug":28},38,"Move-Up","move-up","2017-06-07T10:00:39Z","2017-09-29T16:13:33Z",{"id":32,"slug":33,"title":34,"featuredImage":35,"publishedAt":36,"contentType":10,"isVideo":15},839,"if-your-home-hasnt-sold-yet-definitely-check-the-price","If Your Home Hasn’t Sold Yet… Definitely Check the Price!","https:\u002F\u002Fsimplifyingmedia\u002Fwp-content\u002Fuploads\u002F2017\u002F05\u002F26142144\u002F20170606-Share-STM.jpg","2017-06-06T10:00:20Z",{"id":38,"slug":39,"title":40,"featuredImage":41,"publishedAt":42,"contentType":10,"isVideo":15},841,"mortgage-interest-rates-reverse-course-in-2017","Mortgage Interest Rates Reverse Course in 2017","https:\u002F\u002Fsimplifyingmedia\u002Fwp-content\u002Fuploads\u002F2017\u002F06\u002F05121658\u002F20170608-Share-STM.jpg","2017-06-08T10:00:10Z",{"cover":44,"open":45,"shareSpread":46},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[48,52,53,57,61,65,69,70,74,78,79,83,87,91,95,99,103,107,111,115,119,123,127,131,135,139,143,147,151,155],{"id":49,"name":50,"slug":51},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":54,"name":55,"slug":56},6,"For Sellers","sellers",{"id":58,"name":59,"slug":60},7,"Foreclosures","foreclosures",{"id":62,"name":63,"slug":64},8,"Infographics","infographics",{"id":66,"name":67,"slug":68},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":71,"name":72,"slug":73},34,"Senior Market","senior-market",{"id":75,"name":76,"slug":77},35,"Mortgage Rates","mortgage-rates",{"id":26,"name":27,"slug":28},{"id":80,"name":81,"slug":82},41,"For Sale by Owner","for-sale-by-owner",{"id":84,"name":85,"slug":86},42,"Featured","featured",{"id":88,"name":89,"slug":90},45,"New Construction","new-construction",{"id":92,"name":93,"slug":94},52,"Luxury \u002F Vacation","luxury--vacation",{"id":96,"name":97,"slug":98},53,"Rent vs. Buy","rent-vs-buy",{"id":100,"name":101,"slug":102},80,"Time-sensitive","time-sensitive",{"id":104,"name":105,"slug":106},81,"Outdated","outdated",{"id":108,"name":109,"slug":110},147,"Internal","internal",{"id":112,"name":113,"slug":114},148,"Do Not Autopost","do-not-autopost",{"id":116,"name":117,"slug":118},320,"Inventory","inventory",{"id":120,"name":121,"slug":122},321,"Agent Value","agent-value",{"id":124,"name":125,"slug":126},322,"Affordability","affordability",{"id":128,"name":129,"slug":130},323,"Buying Tips","buying-tips",{"id":132,"name":133,"slug":134},324,"Downsize","downsize",{"id":136,"name":137,"slug":138},325,"Economy","economy",{"id":140,"name":141,"slug":142},326,"Equity","equity",{"id":144,"name":145,"slug":146},327,"Forecasts","forecasts",{"id":148,"name":149,"slug":150},328,"Selling Tips","selling-tips",{"id":152,"name":153,"slug":154},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":156,"name":157,"slug":158},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]