🤔 What does the average first-time homebuyer look like in 2024?

Learn more about the perks of being a first-time homebuyer ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [Better] [Better]( This week's mortgage rates [Rate chart] [Rate chart]( Source: US average mortgage rates from [FreddieMac]( --------------------------------------------------------------- Better Mortgage Interested in today's rates? [See Better Mortgage rates]( --------------------------------------------------------------- #FundFact 🏡 📈 The share of first-time homebuyer loan count was up 45% quarter-over-quarter and 12% year-over-year, growing this segment’s share by 18% over Q4 2023 and by 13% over Q1 2023.¹ [Rate chart][Rate chart]( Things to know What does the average first-time homebuyer look like in 2024? [Rate chart][Rate chart]( Source: [Maxwell Q1 2024 Mortgage Lending Report]( If you’re a first-time homebuyer in 2024, you may be feeling the effects of a competitive real estate market which might be intimidating as you embark on your journey to homeownership. Luckily, there are unique advantages that come along with being a first-time homebuyer like low down payment requirements or homebuying assistance programs that are meant to help bolster your chances of landing your dream home. Who qualifies first-time for homebuyer benefits? Believe it or not, qualifying as a first-time homebuyer doesn’t necessarily mean you’ve never owned a home. Borrowers purchasing a single-family home as a primary residence can qualify for first-time homebuyer benefits in one of three ways: - You've never purchased a single-family home before. - You’ve previously owned a home but not within the last three years, including sole or joint ownership. - You’ve owned a home in joint ownership with a spouse but now you are buying on your own. First-time homebuyer benefits Making a 20% down payment on a home has traditionally been the goal since it helps eliminate private mortgage insurance from your monthly payment but it’s not a requirement. One of the greatest advantages first-time homebuyers have when they’re ready to purchase a home is a minimum down payment requirement of only 3% — compared to the 7% down payment requirement for repeat buyers. Some of the other unique benefits of being a qualifying first-time homebuyer include credit-score flexibility, homebuyer grants, and homebuying assistance programs. There are various groups that offer benefits and programs for first-time homebuyers including: - State governments, including housing finance agencies (HFAs). - Local governments, such as housing and community development authorities. - Nonprofit organizations. - Banks, credit unions and other mortgage lenders. - Some employers (check with your benefits department or labor union). --------------------------------------------------------------- Better Mortgage Questions? 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