A survey by the National Association of Realtors has found that first-time homebuyers typically made a downpayment of only 6%, and 28% financed the entire purchase price of the home."Less than one-fourth made a downpayment of 20%," the NAR said in its survey of consumers who bought or sold a home late last year or in early 2003. Forty percent of the 3,023 respondents were first-time homebuyers and 60% used their savings to make the payment. "Gifts and loans from friends or family members were also significant sources of downpayment funds," the NAR said. The NAR survey also found that 42% of homebuyers used the Internet "frequently" as part of their search for properties for sale. The NAR can be found on the Internet at http://realtor.org.
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