Buying a Home - Magazine - Page 18
Median Down
Payments
Today’s median down
payment is less than 20%
Common Misconception: 20%
20%
15%
16%
10%
12%
5%
7%
0%
First-Time
Homebuyers
All Homebuyers
Repeat
Homebuyers
NAR
What does this mean for potential homebuyers?
If you’re a first-time buyer and putting down 7% still seems challenging, understand
that there are programs allowing qualified buyers to purchase a home with a down
payment as low as 3.5%. There are even options like VA loans and USDA loans
with no down payment requirements for qualified applicants.
It’s important to know you likely don’t need a 20% down payment, but you do need
to do your homework to understand the options available. When you’re interested
in learning more about down payment assistance programs, information is
available through sites like downpaymentresource.com. Be sure to also work with
trusted professionals from the start to learn what you may qualify for in the
homebuying process.
Bottom Line
Don’t let down payment myths keep you from hitting your homeownership goals.
If you’re hoping to buy a home this year, let’s meet up to review your options.
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