20% Downpayment?

When it comes to buying your first home, saving up for the down payment can seem overwhelming. Many believe they need to save 20% of the home’s price, but that's not always the case.

In reality, unless specified by your loan type or lender, a 20% down payment is not required. Most people opt for a much lower down payment, making homeownership more attainable.

According to the National Association of Realtors (NAR), the median down payment for all homebuyers today is only 15%, and for first-time homebuyers, it's just 8%.

There are over 2,000 homebuyer assistance programs in the U.S. that can help with down payments. Additionally, loan options like FHA, VA, and USDA loans offer down payments as low as 3.5%, or even no down payment requirements for qualified applicants.

Consulting with your loan officer or broker is the best way to find out about available resources. Don’t let the misconception of needing a 20% down payment hold you back from homeownership. Waiting to save up 20% may cost you in the long run, as home prices are expected to continue appreciating.

If you're ready to buy, utilizing these resources can help you build equity and achieve your homeownership goals. Let’s connect to discuss your options and get started on your homebuying journey.