October 7, 2019

Do You Really Need 20% DOWN to Buy? 

62% of Buyers Are Wrong About Down Payment Needs

According to the ‘2019 Home Buyer Report’, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:

“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”

When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say,

“The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown below):

The lack of knowledge about the home-buying process is unfortunately keeping many motivated buyers on the sidelines. If you are considering buying, we would love to help you navigate your home purchase.

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Information adapted from www.keepingcurrentmatters.com