MICA: Downpayment Top Ownership Barrier

For a majority of prospective homebuyers, coming up with enough money for a downpayment is the biggest barrier to homeownership, according to a survey sponsored by the Mortgage Insurance Cos. of America.In the online survey of renters who plan to buy a home in the next year, 51% of respondents said they consider making a downpayment the chief hurdle on the path to homeownership and 84% said they do not expect to make a 20% downpayment, which is required by most lenders. "Coming up with a downpayment remains the greatest challenge for many families to overcome in buying a home," said MICA executive vice president Suzanne C. Hutchinson. "Many prospective homebuyers may not be aware that they can become homeowners years sooner with a low downpayment and private mortgage insurance." MICA can be found online at http://www.micanews.com.