If you’re like most new home buyers, the main thing standing between you and your real estate dreams is saving up for a down payment.
Contrary to popular belief, most mortgages do not require the traditional 20% of the purchase price as a down payment.
Common down payment requirements range from 3% to 20%. You can make the minimum down payment or put more down in order to reduce your loan amount and monthly payments.
The average first-time home buyer puts just 6% down, and certain loan programs allow as little as 3% or even zero down.
You shouldn’t think you have to make a large down payment on a home, or that you can't purchase a home with a small down payment. The right amount depends on your current savings and your home-buying goals.
If you can buy a house with less money down and become a homeowner sooner, that’s often the right choice. If you're interested in learning more about loan options and down-payment options, click here for a copy of our home buyer's guide. Our guide will provide more information on the home-buying process and a list of great local lenders to get you started!
Ready to discuss? Reach out today to schedule a home buyer's consultation!