While the number of first time homebuyers from August 2015 to August 2016 went from 35% to 51%, different challenges for first time home buyers emerge.According to article by Jonathan Smoke at Realtor.com, first-time homebuyers are encountering a new issue on their pursuit to homeownership – financial readiness.
Citing statistics of buyers who reported having issues qualifying for a mortgage increased from last year, according to the article. With more first-time homebuyers looking to settle into homeownership, working towards improving your chances of prequalification and knowing what’s ahead is crucial.
Check out SMC’s guide page to learn all about the homebuying process with our First Time Homebuyer’s guide – and if credit is a concern, check our Understanding Credit guide to help conquer your credit score.
Source: http://www.realtor.com/news/trends/first-time-home-buyers-face-different-challenges/?is_wp_site=1