The government thinks that Americans are sorely lacking when it comes to key homebuying information. It’s hard to say whether that’s true of the St. Cloud homebuying population—but
St Cloud Homebuying Basics What Some People Dont Know
The government thinks that Americans are sorely lacking when it comes to key homebuying information. It’s hard to say whether that’s true of the St. Cloud homebuying population—but Fannie Mae’s latest study explains some good reasons why it might be.
In Fannie’s recently issued publication, 3,600 respondents were ‘largely unsure’ or just plain wrong about current homebuying realities. This, despite the significance of homebuying as the most important purchase most people make. The overriding factor creating this illogical situation is the fact that it’s also a purchase seldom made. Homebuying is such an infrequent transaction most people don’t focus on data when it’s available.
Another contributing factor is “a fundamental lack of financial literacy across the country.”
The majority of those quizzed hadn’t a clue about credit score requirements. Even fewer were aware of debt-to-income ratio guidelines. Fewer than one in four were aware that low down payment programs exist at all (with almost none of them aware that the actual minimum down payment percentage is 3%).
One bright spot was the fact that a powerful majority (91%) of the Americans questioned favor homeownership over renting. As any St. Cloud schoolteacher will tell you, motivation is essential to learning. If 9 out of 10 of the 3,600 respondents who are in the dark about homebuying basics really do understand the personal benefits of homeownership, the motivation is already there.
In St. Cloud, the simplest way to access all the latest relevant homebuying information won’t take a deep dive into the latest published data—or a college-level economics course. It’s a one-step process: call me!
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