Is 2024 the year of the first-time homebuyer?

“While affordability is still a problem at large, I think there’s a lot of opportunity for buyers right now. We’re just not seeing quite as much competition as I think we will see once we do see a decline in rates.”

Recent months have seen a growing trend of first-time homebuyers having offers accepted with low to no down payments, according to O’Neil, with FHA, VA, and USDA financing all becoming increasingly prominent.

That buyer type is also increasingly well educated about the market and the different ways they can qualify for a home, she said, even in the turbulent current environment.

“I think for the most part, the first-time homebuyers that I speak with are using their resources, they’re doing research, and they’re coming with really thoughtful questions that I think are ultimately helping them succeed,” O’Neil said.

Samantha Shelton of Align Lending notes a more balanced market compared to the extremes of the pandemic era, with manageable work-life balance for originators. https://t.co/yYTo3s8P91#mortgageindustry #industrytrends #mortgageoriginator

— Mortgage Professional America Magazine (@MPAMagazineUS) March 4, 2024

First-time buyers turning to mortgage pros in growing numbers

While it might be assumed that tech-savvy younger mortgage shoppers would prefer to conduct all their business online and deal with a mortgage professional as little as possible, that hasn’t necessarily proven to be the case, she added.