{"id":4484,"date":"2019-01-09T08:39:41","date_gmt":"2019-01-09T13:39:41","guid":{"rendered":"https:\/\/downpaymentresource.com\/?p=4484"},"modified":"2021-12-02T15:33:36","modified_gmt":"2021-12-02T20:33:36","slug":"new-year-new-home","status":"publish","type":"post","link":"https:\/\/downpaymentresource.com\/homebuyer-resource\/new-year-new-home\/","title":{"rendered":"New Year, New Home?"},"content":{"rendered":"<div class=\"bg-white block content-wrap theme- pt-xs pb-xs\" >\n    <div class=\"container-fluid\">\n        <div class=\"row justify-content-lg-center cms-styles\">\n                                    <div class=\"col-lg-8 col-xl-7 position-relative\">\n                <ul class=\"list-share list-share-sticky\" aria-label=\"share\">\n                    <div class=\"a2a_kit a2a_kit_size_ addtoany_list\" data-a2a-url=\"https:\/\/downpaymentresource.com\/homebuyer-resource\/new-year-new-home\/\" data-a2a-title=\"New Year, New Home?\"><a class=\"a2a_button_facebook\" href=\"https:\/\/www.addtoany.com\/add_to\/facebook?linkurl=https%3A%2F%2Fdownpaymentresource.com%2Fhomebuyer-resource%2Fnew-year-new-home%2F&amp;linkname=New%20Year%2C%20New%20Home%3F\" title=\"Facebook\" rel=\"nofollow noopener\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/downpaymentresource.com\/assets\/images\/sharing\/facebook.svg\" alt=\"Facebook\"><\/a><a class=\"a2a_button_twitter\" href=\"https:\/\/www.addtoany.com\/add_to\/twitter?linkurl=https%3A%2F%2Fdownpaymentresource.com%2Fhomebuyer-resource%2Fnew-year-new-home%2F&amp;linkname=New%20Year%2C%20New%20Home%3F\" title=\"Twitter\" rel=\"nofollow noopener\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/downpaymentresource.com\/assets\/images\/sharing\/twitter.svg\" alt=\"Twitter\"><\/a><a class=\"a2a_button_linkedin\" href=\"https:\/\/www.addtoany.com\/add_to\/linkedin?linkurl=https%3A%2F%2Fdownpaymentresource.com%2Fhomebuyer-resource%2Fnew-year-new-home%2F&amp;linkname=New%20Year%2C%20New%20Home%3F\" title=\"LinkedIn\" rel=\"nofollow noopener\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/downpaymentresource.com\/assets\/images\/sharing\/linkedin.svg\" alt=\"LinkedIn\"><\/a><a class=\"a2a_button_email\" href=\"https:\/\/www.addtoany.com\/add_to\/email?linkurl=https%3A%2F%2Fdownpaymentresource.com%2Fhomebuyer-resource%2Fnew-year-new-home%2F&amp;linkname=New%20Year%2C%20New%20Home%3F\" title=\"Email\" rel=\"nofollow noopener\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/downpaymentresource.com\/assets\/images\/sharing\/email.svg\" alt=\"Email\"><\/a><\/div>                <\/ul>\n            <\/div>\n                        <div class=\"col-lg-8 col-xl-7 paragraph-dropcap\">\n                \n\n<p>It turns out a lot of millennials want to buy a home someday &#8212; a whooping 89 percent according to a new <a href=\"https:\/\/www.apartmentlist.com\/rentonomics\/2018-millennial-homeownership-report-american-dream-delayed\/\" target=\"_blank\" rel=\"noreferrer noopener\">Apartment List <\/a>survey. But, just 5 percent expect to buy in 2019 and 34 percent say they will wait at least five years. Why the lag?&nbsp;<\/p>\n\n\n\n<p>While the dream of homeownership is strong, 72 percent cite affordability as the critical issue.&nbsp;<\/p>\n\n\n\n<!--more-->\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/res.cloudinary.com\/apartment-list\/image\/upload\/c_scale,w_754\/v1543886522\/when_to_buy_mux15c.png\"><img decoding=\"async\" src=\"https:\/\/res.cloudinary.com\/apartment-list\/image\/upload\/c_scale,w_754\/v1543886522\/when_to_buy_mux15c.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Down payment funds are primary challenge<\/h3>\n\n\n\n<p>Sixty-two percent of millennials specifically mention the lack of funds for a down payment. Only 11 percent have saved $10,000 or more for a home and 48 percent have zero down payment savings.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/res.cloudinary.com\/apartment-list\/image\/upload\/c_scale,w_754\/v1543888004\/obstacles_f2zihf.png\"><img decoding=\"async\" src=\"https:\/\/res.cloudinary.com\/apartment-list\/image\/upload\/c_scale,w_754\/v1543888004\/obstacles_f2zihf.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">What the study overlooks<\/h3>\n\n\n\n<p>The survey also found that two-thirds of Millennial renters would require at least two decades to save enough for a 20 percent down payment on a median-priced condo in their market.<\/p>\n\n\n\n<p>What this study overlooks is that a 20 percent down payment isn\u2019t required and isn\u2019t even typical for a first-time homebuyer. The average down payment for a first-time buyer is about 7 percent today, according to the National Association of REALTORS. So, don\u2019t despair &#8212; you have options.<\/p>\n\n\n\n<p>Today, there are multiple loan programs are available with as little as 3 or 3.5 percent required as a down payment. Some loan programs such as the VA loan program and the USDA Rural Development loans require zero down payment. Plus, there are more than 2,500 homeownership programs across the country that provide assistance with down payment and closing cost funds &#8212; you can <a href=\"https:\/\/downpaymentresource.com\/are-you-eligible\/\" target=\"_blank\" rel=\"noreferrer noopener\">check your eligibility<\/a> on our online program search.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Is 2019 the year you will become a homebuyer?<\/h3>\n\n\n\n<p>It might depend on how you prepare. We outlined four simple steps you can take to jump start your goal. Do your research and consider all your down payment options. You don\u2019t have to sit out of the market for decades.<\/p>\n\n\n\n<ol><li>Take a homeownership class &#8212; some are offered on weekends. Start by connecting with your state or local housing finance agency. You can also checkout online homebuyer education, such as <a href=\"https:\/\/www.ehomeamerica.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">eHomeAmerica<\/a>.<\/li><li><a href=\"https:\/\/downpaymentresource.com\/5-essential-questions-ask-mortgage-lender\/\">Interview 3 lenders<\/a> to find the best fit for you.<\/li><li>Research<a href=\"https:\/\/downpaymentresource.com\/are-you-eligible\/\"> down payment assistance programs<\/a> in your market.<\/li><li>Review your budget. Outline out what type of monthly housing costs your income will support.<\/li><\/ol>\n\n\n\n<p>Happy goal setting!<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><em>Never want to miss a post?\u00a0For more useful down payment and home buying information, be sure to <a href=\"http:\/\/eepurl.com\/ApNcT\" target=\"_blank\" rel=\"noreferrer noopener\">subscribe to our mailing list<\/a>.<\/em><\/p>\n\n\n            <\/div>\n                    <\/div>\n    <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":4485,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[],"tags":[310,58,201,97,118],"home_resource_topic":[36,37,39,233,217,128],"home_resource_type":[10],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Year, New Home? - Down Payment Resource<\/title>\n<meta name=\"description\" content=\"According to a new Apartment List survey, 89 percent of millennials hope to buy a home someday, but many expect to wait at least five years.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/downpaymentresource.com\/homebuyer-resource\/new-year-new-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Year, New Home? 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