NAR Survey: Homebuyers making smaller down payments
Down payments are a big deal for most home buyers, whether they are first-timers or repeat purchasers. First-timers, in particular, often struggle to save enough for a down payment, while trying to understand how the size of their down payment can dictate the terms of their loan. The National Association of Realtors 2012 Profile of Home Buyers and Sellers , offers some new insight on how recent market conditions influenced down payments.
The survey found the median down payment for all homebuyers this year was 9 percent of the purchase price. The median for first-time buyers was 4 percent while the median for repeat purchasers was 13 percent.
