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According to a report by Fannie Mae, 74% of consumers plan to buy a home the next time they move. This included 43% of consumers that are currently renting.
The interesting fact is that 9 out of 10 consumers overstated or didn’t know the minimum down payment required for most mortgage programs. The great news is that of those surveyed, 70% of the respondents said they were saving specifically for a down payment.
Speaking with a lender is the first step to understanding the current mortgage requirements. Reach out for great lender recommendations.
