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New construction and first-time homeowners pair up big time

New homes. First time buyers. Has kind of a ring to it, doesn’t it? Both the newly-built structure and the newly-minted occupant are excited to be together, especially in these days of multiple offers and rising prices for resale homes all over the U.S. According to the February survey for the NAHB/Wells Fargo Housing Market Index (HMI), the study revealed that first-time home buyers now account for a whopping 43 percent of the new home market.

Construction, "First-Time Buyer", New

Minimum Down Payment for First-Time Homebuyers

Someone once asked me: With the way the economy has taken a toll on savings accounts, the traditional 20% down payment seems out of reach for many first-time home buyers like myself. Are more first-timers going the route of 5%-15% down payments? Or should I wait until I've got the 20% saved?

I can answer your question in two ways because you're asking two separate questions.

Getting Your Ducks in a Row When Buying Your First Home

Believe it or not, many a homebuyer who may have saved up meticulously for years for the down payment on a house can end up flat-footed after the close of escrow. Why? Because often they have not thought about the expenses of homeownership that have nothing to do with their monthly mortgage payment.