NAR Survey Spotlights Zero-Down Loans

Over 40% of first-time homebuyers used no-downpayment loans in 2005, compared with 18% for repeat buyers, according to an annual survey of buyers and sellers by the National Association of Realtors.The 2005 survey found that 43% of first-time buyers received 100% financing, up from 39% in 2004 and 28% in 2003, when the NAR first asked a question about no-downpayment loans. Over the past three years, the NAR survey found that the percentage of first-time homebuyers remained constant at 40%. Of the first-timers that made downpayments, 23% received a gift from a friend or a relative. The NAR also reported that the median age of entry-level buyers is 32 years and their median income is $57,200. The NAR can be found online at http://www.realtor.org.