Down Payment Still Biggest Obstacle to Buying a Home

Coming up with the down payment remains the biggest hurdle to buying a home, finds the biannual American Dream survey by Trulia. Just over half of renters cited saving for a down payment, 36 percent said qualifying for a mortgage, 34 percent said having a poor credit history, 31 percent cited the inability to pay off existing debt, 29 percent said not having a stable job, and 13 percent indicated declining home values. Fully 70 percent of poll-takers view homeownership as part of the American Dream, however, and 57 percent of current homeowners said that owning a home was one of the best long-term investments they could make. | Read More