As the economy has gradually improved coming out of the Great Recession, home sales have picked up too. In mid-2014, sales of existing homes were on pace to top 5 million for the year, and the figure should top 5.2 million in 2015, according to a forecast from the National Association of Realtors®.
Many young adults — some of whom have lived with their parents to save money — may be ready for a home of their own. However, many of them mistakenly believe that they don’t have enough saved for a down payment to buy a house. But in 2014, one in five homebuyers who took out a conforming, conventional mortgage put down less than 10 percent.* Some potential buyers are also unduly pessimistic about their chances of qualifying for a mortgage.
With a good supply of homes for sale, mortgage rates that are still low and a variety of mortgage options so you can select one that fits your plans and budget, 2015 could be a great time to buy a home.
We Can Help
Don’t assume you can’t buy a home! The home loan experts at Navigator Credit Union can help you find a mortgage that fits your budget. And they’ll explain how the process works so you’re comfortable with your decision. Let us help you cross the threshold to homeownership. Call (228) 474-3449 to get started.
* Source: Freddie Mac.