St Cloud Homebuying Basics What Some People Dont Know

Dated: 08/21/2019

Views: 49

 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!


Black Handled Key on Key Hole


Providing a superior level of informed, professional real estate services to buyers and sellers throughout Central Minnesota.We have agents specializing in residential, commercial, multifamily, new construction, existing, investment properties, foreclosures/REO, and short sales with offices located in:

Five Office Locations To Serve YOU!

St. Cloud 320-259-4554
Princeton 320-983-3555
Maple Grove763-565-2000
Hutchinson 320-455-9127
Litchfield 320-298-1140

Premier Real Estate specializes MANY areas around Central MN including St. Cloud, Waite Park, Rice, Royalton, Sartell, Royalton, Little Falls, Cold Spring, St. Joseph, Elk River, Monticello, Ramsey, Saint Michael, Andover, Ham Lake, Anoka, Champlin, Buffalo, Glencoe, Brownton, Silver Lake, Kandiyohi, Dassel, Minneapolis, Maple Grove, St. Louis Park, Saint Paul, Robbinsdale, Crystal, New Hope, Brooklyn Center and more!

Blog author image

Noel Johnson

Passion for investing in real estate brought me to create Premier Real Estate Services in 2002. Ten years of purchasing & managing several rental properties, while assisting friends & clients with bot....

Want to Advertise on this Site?

Latest Blog Posts

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

Read More

In A News Desert Mortgage Rate Shift Triggers Analysis Tsunami

 For those who’d been monitoring St. Cloud mortgage rates ahead of last week’s Federal Reserve interest rate cut, the news that followed was less than definitive. The Fed’s decision to

Read More

2408 Tiffany Court St Cloud 56301

Nothing compares to this custom patio home that has it all! With 10' ceilings in the main area and hand carved ceramic tile plank flooring,

Read More