Survey Finds Continued Confusion on Homebuying Process – NMP
Industry News

Survey Finds Continued Confusion on Homebuying Process

Sep 26, 2017

Thousands of potential homeowners fail to pursue the American Dream due to confusion over the homebuying process, according to the fifth annual America at Home survey from NeighborWorks America.

The new survey found that the average Millennial believed that the minimum required down payment is 21 percent, while 70 percent of adult respondents believed they lacked the necessary funds for a down payment. Seventy-four percent of adults and 84 percent of Millennials found the homebuying process complicated, while 29 percent of respondents said they knew someone who delayed homeownership because of student loan debt.
 
Furthermore, nearly 73 percent of all consumers and 62 percent of Millennials were either unaware or unsure about down payment assistance programs in their communities for middle-income homebuyers. Among those familiar with these programs, 53 percent reported receiving “not much information” or “nothing at all” about them.
 
However, there was still reason to be optimistic despite the mostly negative data: 93 percent of adults believed owning a home is part of the American Dream, while 81 percent of adults and 72 percent of Millennials felt homeownership increases financial stability.
 
About the author
Phil Hall
Link copied
Published
Sep 26, 2017
Get the NMP Daily
Industry News
Rocket Pro Launches ‘Moving Squad’ To Recruit Brokers From UWM

Rocket is offering partners up to $10,000 to help bring UWM brokers onto its platform

Editor's note: This article was updated at 6:25 p.m. Sept. 1 to include additional announcements, including the 60-basis-point credits and the three Big Pitch winners.Rocket Pro announced at RPX in Detroit today that it is launching a dedicated team to help recruit mortgage ...

Continue reading
Courts
Rocket Adds New Broker Allegations, Refinance Data To UWM Lawsuit

Amended complaint adds a named broker, new loan-level figures and a claim that damages have climbed to at least $100 million

Rocket Mortgage has sharpened its breach-of-contract lawsuit against United Wholesale Mortgage, adding new allegations that UWM provided brokers with lists of Mr. Cooper-serviced loans to target for refinancing and new data showing thousands of those loans ultimately returne...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
Rocket Pro Launches ‘Moving Squad’ To Recruit Brokers From UWM

Rocket is offering partners up to $10,000 to help bring UWM brokers onto its platform

Industry News
Sep 01, 2026
NEXA, UMortgage Leaders Explain What Drove Acquisition

Kortas relinquishes the CEO title, elevating Casa to co-equal "executive partner"

Industry News
Aug 31, 2026
Warsh Sees Housing Strain, Keeps Rate Hikes In Play

Fed chair says broader financial conditions remain loose, inflation is too high, and markets should expect less guidance on what comes next

Industry News
Aug 31, 2026
July CPI Eases Mortgage-Rate Risk, But Doesn’t Promise Relief

Consumer inflation rose just 0.1% in July, reducing pressure for a September Fed rate hike as mortgage rates remain near their highest levels of the year

Industry News
Aug 13, 2026
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Industry News
Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Industry News
Jul 15, 2026