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Digital News Report - There was some changes to how much financing and how much of a down payment homeowners put toward the purchase of their first time home and if they were a repeat buyer. According to the Realtor.org website financing changed in different directions when comparing 2005 home loan financing percentages with the 2009 statistics.
They found that in 2005 the average repeat home buyer had financed 79 percent of the value of the home purchase. But in 2009, the repeat buyer financed a larger percentage of 85 percent of the value of the home.
The first time home buyer in 2005 financed 98 percent of the value of the home. In 2009, the first time purchaser financed 96 percent of the home value and put a larger down payment down.
When compared to all of the home buyers home loans were 91 percent of the home value in 2006, 2007, and 2008. In 2009 the overall home buyer financed 92 percent of the home value in 2009. In 2005, the overall home buyer survey showed that they financed 87 percent of the home value.
Even though lending has tightened homeowners have financed more of the value of their home and have less equity of their own, except in the case of the first time home-buyer.
By: Victoria Brown
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