Unlock the Truth About Down Payments
If you’re thinking about buying a home, you might be worried about saving up a huge down payment. The good news? You probably don’t need as much as you think. Let’s bust the biggest myths about down payments and show how affordable buying a home can really be.
The Real Numbers: Median Down Payments
It’s a common belief that 20% down is the standard. But national statistics tell a very different story:
• Median down payment for first-time homebuyers: 9%
• Common misconception: 20%
So while some people choose to put more down to strengthen their offers, it’s absolutely not required.
You Don’t Even Have to Put That Much Down
Some buyers choose higher down payments to make their offers more competitive or reduce mortgage insurance. But many others put down less, sometimes much less to make homeownership possible.
Don’t Overlook Down Payment Assistance
Here’s something even more surprising: Most first-time buyers qualify for down payment assistance, but very few use it.
• 80% of first-time buyers qualify for down payment help
• Only 13% actually take advantage of it
These programs offer significant financial benefits averaging about $17,000 which could dramatically reduce how much you need to save.
Don’t Let Myths Keep You From Your Dream Home!
If you’ve been holding off on buying a home because you’re worried about a 20% down payment, it’s time to rethink your plan. Between lower down payment options and valuable assistance programs, owning a home may be closer than you think.
Ready to explore your options? Let’s connect! I’m here to help you navigate your financing choices and find out what works best for your situation.
