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In total, 82% of first-time homebuyers used some form of low-down-payment mortgage products, which are enabled by private mortgage insurance, during the third quarter. (Credit: Andy Dean/iStockphoto.com ) In total, 82% of first-time homebuyers used some form of low-down-payment mortgage products, which are enabled by private mortgage insurance, during the third quarter. (Credit: Andy Dean/iStockphoto.com)

First-time home buying experienced a major lift during the third quarter of 2020, according to Genworth Financial, Inc., which reported a 20-year high of 700,000 single-family homes were purchased by first-time buyers. During the period, the repeat buyer market grew 17%, compared with the year prior.

When it came to mortgage products, Genworth reported private mortgage insurance (PMI) was the leading finance option for first-time homebuyers. During the quarter, a record 285,000 first-time buyers turned to low-down-payment conventional mortgages, which are enabled by the PMI industry, representing a 34% increase from the year prior. Overall, 82% of first-timers used some form of low-down-payment mortgage products during Q3.

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Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

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