WINDERMERE NEWS
AUG/SEPT 2014
Alpine Loop, Wasatch National Forest
How Much of a Down Payment Do You Actually Need? Note: It’s important that we give credit to a valuable resource who has provided us with our information. KeepingCurrentMatters.com (*KCM)
A recent survey by Zelman & Associates revealed that 38% of those
between the ages of 25-29 years old and 42% of those between the ages of 3034 years old believe that a minimum of 15% is required as a down payment to purchase a home. A recent questionnaire administered by Freddie Mac showed that over 50% of all respondents thought 20% was required as a down payment. In actuality, a purchaser may be able to put down far less. Freddie Mac, in a recent blog post addressing the issue, confirmed that there is misinformation regarding the amount necessary when determining the down payment for a home purchase: “Did you know 40 percent of today’s homebuyers using mortgage financing are making down payments that are less than 10 percent? And how about this: since 2010, the number of people putting down less than 10 percent for conventional loans has grown three fold. So, not only are low down payment options real, they represent a significant portion of today’s purchases.” Continued on following page
UPDATE SALT LAKE COUNTY REAL ESTATE JULY STATISTICS (7.1.14–7.31.14) 3,293 New Listings Median Listing Price $224,900 Median Sold Price $217,000 Median Days On Market: 40 *Provided by the Wasatch Front Multiple Listing Service