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First time home buyers accounted for 30 percent of residential sales in March (slightly up from 28 percent in February), according to the latest REALTORS® Confidence Index report.
REALTORS® have reported that first-time buyers are having problems with tighter underwriting standards and required higher down payments. In some cases, financing is reported approved but for a lower amount. REALTORS® have also reported that the increase in FHA mortgage insurance costs is discouraging buyers or making loans unaffordable.
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