Key findings from the FHA’s annual report
As home prices rise, more buyers are looking to family for help with down payments.1 The Federal Housing Administration’s (FHA) annual report found2:
- More than 26% of borrowers who used FHA programs had assistance from a relative to fund down payments (up from 22% in 2011).
- The homeownership rate among those 35 and younger has fallen eight points to 35%. The reasons? Higher home prices, interest rates, and student loan debt.
- The number of FHA borrowers receiving down payment assistance from family, the government or another entity jumped from 30% to 39%.
As always, it is a pleasure staying in touch.
1Don Reisinger‚ “More homebuyers are turning to their parents for mortgage assistance‚” Fortune, last updated January 4‚ 2019.
2“2018 FHA Annual Report‚” HUD.gov.