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HOW MUCH DO YOU NEED FOR A DOWN PAYMENT?
If youβre saving up to buy your first home, you might have heard you need twenty percent of the home price for your down payment. But hereβs the truth. Thatβs not necessarily the case. Unless specified by your lender, you donβt always need to put that much down. As you can see, todayβs median down payment is less than twenty percent. In fact, itβs only fourteen percent when you take the average for all buyers. And itβs even lower for first-time buyers at just six percent. The big takeaway? Donβt let this myth be a barrier to achieving your dream of homeownership. If saving for a down payment still feels like a challenge, know there are over two thousand assistance programs in the U.S. And the majority are intended to help with down payments. If you wanna purchase a home this year, letβs connect because you may be closer to your savings goal than you think.
March 14, 2023