Nearly 75% of First Time Buyers Purchased Home With Less Than 20% Down Payment

Published on May 7, 2018
First Time Buyers
By Jose Delgado in Home Buying

Most first time buyers believe that in order to purchase their first home, they need to come up with a sizeable down payment—typically 20%.

But the truth is, you can buy a home for a lot less and, in fact, most first time buyers are. According to the most recent REALTORS® Confidence Index from the National Association of Realtors®, a whopping 72% of first-time buyers purchased their home with a down payment of less than 20%. And so can you!

So what’s changed? While 20% used to be the standard in order to secure a loan, options like FHA loans are more lenient with their requirements. As long as a home buyer has the financial stability to support their mortgage payments in the long term, they can get approved—even if they aren’t able to save a substantial amount for their down payment. There are even loan programs that allow you to get into a home with No Down Payment. Such as The VA Home Loan (Veterans Affair).

The Takeaway

If you’re thinking about purchasing a home but have been putting it off to save a substantial down payment, there’s no reason to wait. With the flexible loan options on the market, you can secure a loan with a far smaller down payment than you’d imagine—and make your dream of owning a home a reality.

Have any questions? Please leave me a comment or message me.

You can also reach me on my cell at (360) 949-3520

Thank you for taking the time to read this. I appreciate you!

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