What are the current down payment requirements for purchasing a home? Despite what you might think, you don’t actually need to put 20% down.
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What are the current down payment requirements for getting into a home? First of all, according to the National Association of Realtors, the majority of people in the United States think that you need 20% down to purchase a home. That is simply not true. To give you some perspective, the median down payment for first-time homebuyers has been 5% for decades. There are many programs available to buyers that only require 3% down, and there are some special loan programs that don’t require any money down. You can even get grant money for closing cost assistance to get into a home.
Ask a local mortgage provider to find the best option for you
Ultimately, you need to talk to a local mortgage provider to assess your financial needs and profile so they can recommend a custom mortgage solution. Now may be the right time for you to make your first or second home purchase.
If you need a list of local lenders or if you have any other questions, give me a call or send me an email. I would be happy to help you!
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