69% of Buyers are Wrong About Down Payment Needs

According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, 69% of mortgage professionals say that first-time buyers still believe a 20% down payment is necessary to buy in today’s market.

Nearly 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.

If 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.

The greatest source of confusion cited in the survey results centered around down payments. The results are broken down in the chart below:


Rohit Gupta, CEO of Genworth Mortgage Insurance had this to say,

“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.

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.”


Don’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!

127fabaf 1674 4e6d a4f7 bb5f5e51be34 b1d907d8 642a 4c63 a515 070297a31ae8 a6be718a 8910 4fc1 920d e3575800c8b9 17acf913 db6f 42aa a445 22cd591198a6 10c17ae3 efa8 4a31 8140 a2ae78a63be7 32a91ce0 d2f1 4c57 af57 da5c684198d4 1370dece 9d2e 486e b038 d109c5257570 4ae94595 26ef 4502 90f7 2ac6f0038773 e7cc9921 7668 4b73 b264 71489dbeea0e fc3175b7 a194 4f96 997c a2d4ffeaea58 49508f4a 3cf0 48c2 9842 bd11336f9669 b3c5bc1f 0745 4644 ae8a 40bf16cd73c1 d5d63637 5d36 4e37 9d79 2ec8c90bfc27 4f8a17d4 4c1a 4786 aedc 4ff88c301034 b39d86de 1392 411c 8a53 b682aefdefc5 9efbed64 8771 49bb 847e 2962a672fa34 8f6332c6 dc02 4116 adde 89d112cbc0f1 bac1354e 748d 4fd9 a0ec 0da5f1d775c9 f5a71670 7858 4168 9711 7473f50a13b2 e0310ea8 6a35 46bf 9a61 77a63aee72a8 ff154d7b 6fc0 4713 9241 bd85fe0d7dcd 26f05ff8 f1f3 4545 910e 7e134e12a51f 73453006 e6c4 456c 8e1a cbaacdb7ccea