The Truth About Down Payments

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!

 

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%.

 

If you want to purchase a home this year, reach out, and let's start the conversation and explore your down payment options.