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Tag Archives: First-Time Homebuyers

High Rents Put Would-Be Homebuyers in a Catch-22

Most renters are putting about 30 percent of their monthly income toward their rental payment, which makes saving for a 10 or 20 percent down payment difficult. This conflict forces first-time buyers and millennials to pursue other options when looking to purchase a home, such as help from family or friends.

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Agency Purchase Loans Become Riskier

Also according to AEI's July report, 71 percent of Agency purchase loans had down payments of 5 percent or less, and 25 percent of them had DTI ratios greater than the QM limit of 43 percent. The median FICO score for first-time buyers was 709, a bit below the median for all individuals in the United States.

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