The Evolution of the Home Buyer
The typical home buyer has certainly changed over the years. From then to now, as the mortgage industry, process, and programs have greatly evolved so has our buyer.
Let’s take a look at today’s traditional buyer below.
Meet Today’s Home Buyer
Based on an infographic from the National Association of Realtors (NAR), today’s first-time buyer is waiting longer to purchase a home – at 32 years old, today’s buyer’s age has reached an all-time high over typical past buyers.
Our buyer’s household income is now on average $75,000 and the median purchase price comes in around $190,000.
Another interesting fact from the infographic shows that today’s first-time buyer is typically only putting 5% down on a first home as opposed to the traditional 20% down payment options of the past. This is likely due to new loan products and programs that offer low down payment options and down payment assistance.
41% of today’s buyers are also, unfortunately, carrying student loan debt averaging around $29,000. Student loan debt has been a major roadblock for buyers today and a hot topic in the industry as many are so stressed by debt that the thought of taking on additional debt with a mortgage loan is intimidating. The debt is also causing buyers to struggle with saving for a down payment making non-traditional loan products and down payment assistance programs all the more important today.
Has Your Mortgage Platform Evolved?
Are you still stuck in the past offering mortgage products that only cater to a traditional homebuyer?
If your institution’s mortgage lending program is looking to evolve, Inlanta’s Third Party Origination (TPO) program can help you take advantage of every mortgage opportunity, including FHA, VA, and USDA Rural Development and help your business survive in today’s competitive marketplace.
Evolve your mortgage business today with an Inlanta TPO partnership! Need more information? Email our TPO Manager, Dave Stephan, at email@example.com or call 262.754.6494 or visit our LinkedIn page.