More Homebuyers Turning To Parents For Down Payment Help

MoneyTips

First-time homebuyers face many challenges, but the biggest task may be coming up with a suitable down payment. Consumers in the early stages of their careers often face a fresh set of bills – and in some cases, mountains of student loan debt. A National Association of Realtors survey found that over half of recent homebuyers age 37 and younger cited student loan debt as the main down payment obstacle.

How can young Americans save up for a conventional 20% down payment, or even the 3.5% minimum down payment for FHA loans? Many have concluded that they can't – and are asking for help from their parents.

The recent annual report from the Federal Housing Administration (FHA) shows that over one-quarter (26%) of homebuyers with FHA-insured loans received some payment a...

from MoneyTips http://bit.ly/2FZnX8h