"This survey underscores the need to address the nation's undersupply of housing, and specifically affordable housing, because too many people are being left out of the market or face significant barriers to get into the housing market," said
USMI's survey found that when broken down by race these economic factors are even more pronounced. Seventy-four percent of
Housing insecurity during the pandemic was also a significant concern among survey respondents, particularly for minorities. The number one concern among
"The survey also shows that more education is needed around the mortgage finance process, particularly to ensure more buyers understand that low down payment mortgage options are widely available," said Johnson.
USMI's survey found that up to 45 percent of all respondents mistakenly believe that you need a down payment of 20 percent or more to qualify for a home purchase. Another 30 percent indicated that they do not know about down payment requirements. In truth, you can qualify with a down payment as low as 3 percent. The survey also asked respondents about the role of mortgage insurance. According to survey respondents, the top reasons for MI are it "levels the playing field" and "increases lower-income families' access to homeownership." A majority of respondents also said it was important to have access to low down payment loans through both the conventional and government-backed markets, such as the
USMI members support sensible regulatory and legislative reforms to remove barriers to homeownership, and they promote an equitable and sustainable housing finance system backed by private capital. In collaboration with more than 100 organizations and individuals involved in the Black Homeownership Collaborative, USMI also supports policies that promote equity and work to increase homeownership rates among Black Americans.
ClearPath Strategies fielded USMI's 2021
The complete findings from USMI's national survey are available here: https://www.usmi.org/2021-national-homeownership-market-survey/