Are you feeling overwhelmed by the idea of saving for a hefty down payment on your first home? You’re not alone. The common belief that you need 20% down to buy a house isn’t always accurate. In fact, for many buyers, it’s far less.
According to The Mortgage Reports, while putting down 20% can help you avoid mortgage insurance, it’s not a requirement. The National Association of Realtors confirms that the median down payment for all homebuyers is just 15%, dropping even lower to 8% for first-time buyers.
The good news? There are numerous resources available to assist with down payments. With over 2,000 homebuyer assistance programs in the U.S. and loan options like FHA, VA, and USDA offering low to no down payment requirements, becoming a homeowner may be more achievable than you think.
Consulting with your loan officer or broker is key to uncovering the grants and programs you qualify for. Waiting until you have 20% saved up could cost you in the long run as home prices continue to rise. As U.S. Bank notes, the longer you wait, the more you may end up paying for your future home.
Don’t let the misconception of a 20% down payment hold you back. If homeownership is your goal, explore your options and connect with us to kickstart your journey. Let’s discuss your homebuying goals and make your dreams a reality this year.
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Source: https://www.mykcm.com/
