Down Payment Misperceptions1/20/2022
The majority of buyers finance their home purchase. However, some buyers may delay purchasing believing that they need a certain amount saved for the down payment. While it might be ideal to have 20% of the purchase price (or more) available for a down payment, it isn't always necessary. Lenders have many options for mortgages and different down payment amounts can be accepted. According to a study by the National Association of Realtors, the average down payment for first time home buyers over the last three years ranged between 6% and 7%.
If you, or someone you know, is looking to buy a house, please have them reach out to me. I am happy to get buyers in touch with great local lenders who can help fit them to a mortgage that is right for them. Buyers may be ready to buy sooner than they realized. Even if they discover it would be best to save additional funds, it is good to know this sooner rather than later. It is always good to have an established relationship with a lender! Call me today and I'll connect you to lenders who can help you to get ready to purchase a new home! 906-236-3750