If you are saving up to buy your first home, then you might have heard that you need at least 20% of the home’s purchase price for the down payment. But here is the truth… that is not necessarily the case.
Unless specified by your lender, you don’t always need to put that much down. Today’s median down payment is less than 20% according to NAR. In fact, it is only 14% when you take the average for all buyers, and it is even lower at 6% for first-time home homebuyers.
There is a common misconception that you must have 20% of the home’s purchase price for a down payment.
The big takeaway? Don’t let this myth be a barrier to achieving your dream of home ownership.
Mortgage Down Payment Assistant Programs
If saving for a down payment still feels like a challenge, then let me help you because there are over 2,000 assistant programs in the U.S. and the majority are intended to help with down payments.
In 2022, you were competing with so many other homebuyers because mortgage interest rates were so low. They are a little higher now (What Happens to Mortgage Rates During a Recession?), but if you want to purchase a home this year, then let’s connect, because you may be even closer to your savings goal than you think.
Give me a call at 720.244.1308 or email me at Anne@BarringtonGroupRE.com.