Where Are You Looking For Down Payment Help?

Down Payment Help Irvine, CALoans from friends and family for down payment help are very common.

More people are still looking to their friends and family for loans for a down payment than before the recession started in 2007. Why? Even though studies have shown that people spend less of their income on a house payment than a rent payment, many buyers don’t have the funds needed for a down payment.

Of those people who purchased a house in 2014, 25 percent of middle-income earners leveraged friends and family to help with their down payment. That is compared to only 15 percent of low-income buyers and 16 percent of high-income earners who found themselves in the same situation.

Finding the funds for a down payment has typically been one of the major issues for young buyers, and it has only become more difficult in recent years thanks to student debt, increasing rents, and slow income growth. Heading to friends and family is one of the best ways that young buyers can overcome the issue and buy their first house.

As home values increase around the country, so do the down payment requirements. While there are many other options to help first-time buyers move into their own home without the traditional 20 percent down payment, loans from friends and family still tend to be a top choice.

For all of your mortgage needs when looking for your next house, contact Avis Lending. With offices in Irvine, California and Lahaina, Hawaii, our dedicated team will work with you to ensure you are able to afford the home of your dreams, no matter where your funding comes from!

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