Don't Fall for this Common Misconception
Are you getting ready to embark on your home buying journey and wondering how much you need to save for your down payment? Maybe you think you have to save 20% and that has you scrapping your savings.
If you think 20% is that amount you need to save for your down payment, you may have set your goal based on a common misconception.
Your lender can specify the exact amount you will need to provide as a down payement, and 20% is welcome, but typically not required. According to the Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. the median down payment is currently at 13%, but for first time home buyers it's even lower at a median of only 7%.
Is this Good News for You?
Of course! If you have been thinking that you have to scrounge up 20% for your down payment (especially if your a first time homebuyer) then hearing that you can bring less money for your down payment can be a huge relief!
There are several places you can go to find out your down payment options, i.e, down payment assistance programs.
https://downpaymentresource.com/
I am hear to help you along the way to educate you on the home buying process and provide you with the resources in order for you to succeed on your real estate journey!
Remember:
20% down isn't always required. If you want to purchase a home this year, reach out and let's start the conversation and explore your options!