Fannie Mae, the nation's largest secondary mortgage lender, sponsored a survey to get a better idea of the dreams and difficulties of would-be American Homeowners. What they discovered was not at all so surprising but it was very interesting.

The 1994 poll, conducted by Peter Hart and Robert Teeter, asked renters if they would prefer to buy a home if they could. Among the groups surveyed, the youngest renters - 18 to 24 year olds - fully 85 percent said they would prefer owning to renting.

Hispanic family groups represented the next largest wannabe-owner group at 80 percent. Between 74 and 75 percent of both blacks and whites surveyed said they would prefer to buy homes rather than remain renters. Even in the over-65 age bracket, 56 percent desire home ownership.

So, what's stopping them - any of them, from buying a home? The biggest problem for 65 percent of the survey participants is accumulating the necessary down payment and closing costs. Over 50 percent of the would-be homeowners also believe it would be difficult to find a house they liked and could afford.

The report indicated that renters typically transition through several stages of development as they approach home ownership. The first phase involves gaining the confidence and stability to begin saving for a down payment. In the second phase renters get serious about eliminating debts and cleaning up their credit records in order to qualify for a mortgage. The survey showed that those who expected to buy homes were much less likely to have credit or debt problems. The third stage is typically a period of self-education about home-buying and looking for a comfortable relationship with a real estate agent.