EMERYVILLE, CA -- (Marketwired) -- 07/20/17 -- Forty-one percent of home buyers 36 years old or younger are making down payments of 5 percent or less, National Mortgage Insurance Corporation (National MI), primary operating subsidiary of NMI Holdings, Inc. (NASDAQ: NMIH), reported today in its economic newsletter for lender clients. Among homebuyers of all ages, the report found that 35 percent are making down payments of five percent or less. These findings contradict the common perception that qualified borrowers need higher down payments to buy a home.
The findings are included in the National MIMarket Snapshot, written by renowned housing market research firm John Burns Real Estate Consulting in collaboration with National MI. The Market Snapshot will be published quarterly and is available to all of National MI's clients and contacts.
"It's a myth that home buyers need to have a 20 percent down payment. What Millennials and other young home buyers do need are a variety of loan options to help them purchase a home," says Claudia Merkle, chief operating officer of National MI. "Fortunately, private mortgage insurance enables lenders to offer their customers a wide range of low down payment options to get more people into homes."
National MI
Market Snapshot incorporates data and analysis from John Burns Real Estate Consulting as well as data from the National Association of Realtors, the Federal Reserve Bank of New York Consumer Credit Panel and the American Enterprise Institute (AEI).
"National MI's newsletter provides lenders with unique metrics, graphics and analysis, and we designed this information to be a helpful tool for lenders in today's competitive market," says Burns, CEO of John Burns Real Estate Consulting, Irvine, CA.
Merkle adds: "The National MI Market Snapshot delivers critical financial and housing information that lenders need to succeed in today's mortgage business. With in-depth housing market statistics and timely insights from John Burns Real Estate Consulting, one of the housing market's most respected consulting firms, we believe our customers will find the newsletter highly useful."
To access the National MI Market Snapshot, visit nationalmi.com/snapshot.
National MI offers webinars and other resources to help lenders work with Millennials. They are available at www.nationalmi.com/millennial-resources. A webinar with Burns and National MI to discuss its findings is scheduled for Wednesday, August 9 at 3:00 p.m. Eastern. To register, please go to www.nationalmi.com/miu.
About National MI
National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings, Inc. (NASDAQ: NMIH), is a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower's default. To learn more, please visit www.nationalmi.com.
About John Burns Real Estate Consulting
John Burns Real Estate Consulting, LLC provides independent research and consulting services related to the US housing industry. John Burns founded the company in 2001 because he saw a need for better analysis on the housing market. The company has grown to a highly passionate team of research analysts and consultants in offices across the country, who work together to provide the most trusted source of US housing analysis. For more information, visit www.realestateconsulting.com.
Press Contact
Mary McGarity
Strategic Vantage Mortgage Public Relations
(203) 513-2721
MaryMcGarity@StrategicVantage.com
Investor Contact
John M. Swenson
Vice President, Investor Relations and Treasury
john.swenson@nationalmi.com
Source: NMI Holdings, Inc.
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