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Are you Wondering how much you need to save for your down payment?
If you’re getting ready to buy your first home, you’re likely focused on saving up for everything that purchase involves. One cost that’s likely top of mind is your down payment. But don't let a common misconception about how much you need to save make the process harder than it could be...
Understand that 20% Isn’t Always the Typical Down Payment!
Advice from Freddie Mac:“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize. According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, the median down payment today is only 14%. And it’s even lower for first-time homebuyers at just 6%.
Learn About Options That Can Help You Toward Your Goal
If saving for a down payment still feels like a challenge, know that there’s help available. As a real estate professional, I can help you find a trusted lender that can show you options that could help you get closer to your down payment goal. According to the latest Homeownership Program Index from Down Payment Resource, there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments. Plus there are even loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants. To understand your options, be sure to do your homework! If you’re interested in learning more about down payment assistance programs, information is available through sites like Down Payment Resource. Then, I can help you partner with a trusted lender like Jason at our affiliated GUARANTEED RATE AFFINITY to learn what you qualify for on your homebuying journey. And as always, this information is free!Remember, a 20% down payment isn’t always required. If you want to purchase a home this year, let’s connect. All of my contact information is listed below. You’ll also want to make sure you have a trusted lender so you can explore your down payment options. Call me. I can help.
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