One-fifth of homebuyers reported receiving family financial assistance for down payments
Most renters say they expect to buy a home someday. But nearly half admit that saving for a down payment is one of their biggest obstacles.
Through our National Housing Survey®, we asked consumers about down payments and, specifically, if they received or expect to receive family financial assistance to help buy their first home.
One-fifth said they received financial assistance from their families.
Of those who received help, 25 percent said they would not have been able to purchase a home without it, while 40 percent were able to buy earlier than they otherwise would have.
Regardless of whether a family member helps with a down payment or not, buyers should check out state and local programs offering down payment assistance, as well as low down payment options like Fannie Mae’s HomeReady® mortgage. For more on the survey, read our Perspectives blog.
Estimates, forecasts, and other views expressed in this article should not be construed as indicating Fannie Mae’s expected results, are based on a number of assumptions, and may change without notice. How this information affects Fannie Mae will depend on many factors. Neither Fannie Mae nor its Economic & Strategic Research (ESR) Group guarantees that the information in this article is accurate, current, or suitable for any particular purpose. Changes in the assumptions or underlying information could produce materially different results. The ESR Group’s views expressed in this article speak only as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.