A group of mortgage industry executives said in a survey that saving for a sufficient down payment and a lack of affordable housing are the biggest hurdles for first-time homebuyers.
Genworth Mortgage Insurance, an operating segment of Richmond-based Genworth Financial Inc. released the results of a survey Thursday that included a focus on the first-time homebuyer market.
The survey of 200 mortgage industry professionals was conducted at this year's Mortgage Bankers Association Annual Convention and Expo in Denver, Color.
Forty-six percent of the respondents cited a lack of a down payment, while 35 percent pointed to a lack of affordable housing as challenges to home ownership. Additional responses included student debt (14 percent) and the ability to qualify for a mortgage (5 percent).
