Have you thought about buying a home? With the housing meltdown, there are many great deals on the market. However, many people believe they cannot afford a home or that they can save enough for a down payment. A recent Fannie Mae National Housing Survey from Fannie Mae shows the four top reasons that will prevent future home buyers from getting a mortgage.
Obstacles to getting a mortgage loan
Lack of job security.
Insufficient money for a down payment.
The survey also questioned renters as to the reason they were not home owners. The top response was that renters felt their credit scores were not high enough to qualify for a mortgage. The second highest response was that they felt they could not afford a home or the upkeep involved with a home once they bought it.
Interestingly, the National Housing Survey did not show lack of confidence in the mortgage and housing industry despite all the reports of corrupt loan officers and mortgage brokers. It may be that as the economic outlook improves, home buying will increase as well.
Gains in the economy may help potential home buyers to improve their credit, seek higher-paying jobs, and save money for a down payment on a home. As states and cities recover from the recession, there could also be increased funding for down payment assistance programs for first time home buyers. As time passes and the effects of the recession begin to fade, it should allow more first time home buyers to realize their dream of owning a home.