20% Higher Down Payment Influx

– Crystal Vagnier – Select Group – Writer/Editor

The nation’s premier property database, ATTOM Data Solutions, recently released their 2017 4th quarter report which showcased a 20% increase in median down payments compared with 2016’s 4th quarter statistics. The average down payment on condos and single family homes was $18,000, 7.1% of the sales price of homes purchased with financing, compared with 2016’s $14,950 down payment and 6.2% of the sales price. This is down from a four-year high of 7.3% from the last quarter but above 2016’s 4th quarter. When analyzing the statistics of 143 metro areas, it was discovered that California had the top five cities where residents paid the highest amounts: San Jose, San Francisco, Santa Rosa, Los Angeles, and Ventura. This news is beneficial to homeowners with a foot in the market as it can serve as a cushion if home prices dip.

For specific details regarding your area, call your local Stanford Mortgage Advisor to see what your potential clients may be paying in down payments. Contact Stanford Mortgage at (866) 912-3017 or at www.StanfordLoans.com

©2019 A division of Finance of America Mortgage LLC || NMLS ID #1071 | Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.
Our product disclaimer:
This is not a commitment to lend. Prices and guidelines are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for
financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.