The Cereal City Real Estate Connection: Getting a Little Help on the Road to Home Ownership

Getting a Little Help on the Road to Home Ownership

According to poll results from the National Foundation for Credit Counseling, the principal barrier to homeownership is accumulating the money needed for a down payment and closing costs.

Getting a Little Help on the Road to Home OwnershipOf the more than 2,000 poll respondents, only 12 percent said they'd have no problem coming up with a 20 percent down payment, while 49 percent of those polled say they would never be able to save that much.

The National Association of Realtors® research found that 61 percent of recent home buyers relied on savings as a source for their down payment and 22 percent were helped by a gift from a relative or friend.  Forty-two percent of repeat buyers used proceeds from the sale of their previous home. 

With home equity declining in the recent 5 years, it is not surprising that existing home owners who desire to move up to a larger home, or even downsize to a smaller one as their needs change are having difficulty. 

In addition to these factors, new home buyers are facing the credit challenges of difficult times, and withGetting a Little Help on the Road to Home Ownership FHA and other lenders rules changes in recent years, borrowers typically need at least a 620 great score or greater to qualify for a loan.  In these times, getting a little help can be important to being able to achieve the goal of homeownership. 

As a local Realtor in Battle Creek, Michigan I work with prospective home buyers every week, and those that really have the desire and motivation to become a home owner can usually make it.  Yes, there are challenges.  Sometimes one has to save some reserve funds, and get a little education on how to do this. 

Other people need some help on building credit, or improving credit.   Often times this comes about through teamwork with a local lender and me as your Realtor.  If you are motivated to become a homeowner, then give me a call at: 269-441-8182 or contact me through my website at: www.michaeldelaware.com.

Getting a Little Help on the Road to Home Ownership

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2010 'REALTOR OF THE YEAR'

For the Battle Creek Area Association of Realtors

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3 commentsMichael Delaware • November 27 2010 11:31AM

Comments

Michael ~ that is excellent information.  Home ownership is in trouble.  I just hope and pray that this market improves.

Posted by Dawn A Fabiszak, The Dawn of a New Real Estate Experience! (Keller Williams Real Estate ( Denver metro area, Colorado) about 4 years ago

Michael, Great information.  It sounds like you are a good problem solver and in this day and age people need to know the ins and outs of home ownership.

Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) about 4 years ago

Dawn, things will not always be like this.  I am certain we will see a resounding recovery down the road.

Marchel - Thank you!  We all have to be sort of problem solvers these days, don't we?

Posted by Michael Delaware, REALTORĀ®, CRS (Troxel Realty Co. LLC) about 4 years ago

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