Fannie Mae recently released its National Housing Survey, which revealed that consumers, in general, still believe that owning a home is better than renting. HousingWire Content Solutions Managing Maleesa Smith and Katrina Jones, Fannie Mae’s vice president of Racial Equity, Strategy and Impact, recently sat down to discuss the challenges facing homebuyers today and what Fannie Mae is doing to create new opportunities for homeownership.
“Unfortunately, almost half of the general population, especially first-time homebuyers, believe it would be difficult to get a mortgage, citing that the home buying process is complex to overwhelming and they just lack a clear understanding of how to even get started,” Jones said. “For many of these families, they also have a higher misperception of what it takes to be mortgage ready.”
Jones said common potential homebuyer misconceptions included thinking they need a 20% downpayment, perfect credit or more income to cover monthly mortgage payments. Based on the survey responses, consumers want more resources, tools and trustworthy information when navigating homebuying.
“It breaks down the home buying process into seven simple steps and addresses common myths and misinformation, including answering some of the questions first-time homebuyers have,” Jones said.
Users also have access to checklists, cost calculators and other free tools and information that they can access anytime. HomeView also meets the homeownership education requirements to qualify for many mortgage loans, including low downpayment loans that are offered by lenders.
For more information on HomeView, visit www.fanniemae.com/education.