How much money do you need for a down payment? You’ve been dreaming about owning a home and finally made the decision to start looking. Now you’re asking what will it take? I’m here to help you.Hi, I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station.
Here are some things about down payments you should know. As you begin your home search one thing that may be top of mind is how much down payment do you need to save? I understand your overwhelm. 20% seems huge and intimidating.
According to Freddie Mac, “Nearly a third of prospective homebuyers think they need a downpayment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”
Unless specified by your lender, 20% down is typically not required. FHA loans require only 3.5%, USDA and VA loans require no down payment.These are options available if you are qualified applicants.
Most buyers think they need to be a first time home buyer to qualify for assistance but that is not always true. There are lots of different options available for down payment assistance.
According to an article from downpaymentresource.com “It is a common misconception that homebuyer assistance is only available to first time home buyers, however 38% of homebuyer assistance programs in Q1 2022 did not have a first time home buyer requirement.”
This is great news! You’re probably way closer to owning a home than you realized. If you’ve been thinking about buying, call me. We can go over your wishes and goals and make a plan to get you what you want!
I’m your community market leader Sherri Echols, a helping hand for a happy home.
