The possibility of losing their down payment is one of the biggest fears of potential home owners.
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Down Payment Insurance
More than three in five renters — 63 percent — said they would be more likely to purchase a home sooner if they had the option to buy down payment protection, the survey showed. More than three in 10 home owners and more than half of millennial home owners said they also would be more likely to buy a new home if they had an option to buy down payment protection.
“While consumer morale continues to rise, there is still a crisis of confidence in the housing market for both home owners and home buyers due to the financial events of 2007 through 2008,” says Cleve Bellar, chief marketing officer of ValueInsured. “It is encouraging that Americans want to own a home, but in order to take that step, they want assurance that their nest egg is protected.”
The survey showed that 70 percent of renters say it’s important to one day own a home or to become a home owner again. Millennials were found to be the most upbeat about home ownership, with nine out of 10 renters between the ages of 18 to 34 saying it is important to one day own a home or become a home owner again.
Source: ValueInsured Inc.
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