source: 2008 Home Buyer and Seller Profile

  • Ninety-three percent of home buyers reported that they financed their home purchase with a mortgage.
  • Among younger buyers, the percentage was 98 percent, decreasing somewhat for buyers between 45 and 64 years old.
  • Two-thirds of buyers 65 and older financed their home with a

    mortgage, reflecting a significant share who used equity built up over

    a number of years allowing them to forgo use of a mortgage.

  • The percentage of first-time buyers who financed 100 percent of the

    purchase price with a mortgage dropped to 34 percent from 45 percent

    last year.

  • Nearly half (46 percent) of home buyers reported they have made

    some sacrifices such as reducing spending on luxury items,

    entertainment or clothing in order to qualify for a mortgage.

  • One-quarter of first-time buyers reported that the mortgage

    application and approval process was somewhat more difficult than they

    expected, and one-in-ten reported it was much more difficult than