A recent home buyer report indicated that more than 6 out of every 10 Americans believe you need to put at least 20% down in order to purchase a home. This, in the event you didn’t read the headline of this article, isn’t true.
In fact, 32% of homeowners purchased their homes with 5% down or less, making it the largest number of homeowners in a recent study.
If you’re interested in the financial options available to you to purchase a home, I encourage you to talk to a mortgage professional. Without doing a credit check, they’ll be able to explore all the ways you can afford to purchase a home and break down your average monthly payments, inclusive of taxes, interest, and principle.
Ultimately, a number of potential homebuyers are approaching the process thinking they need to save 20% for a down payment. Unfortunately, this leads to long periods of saving that would have been better invested in building equity in your own home.
If you’d like to chat more about this process, give me a shout. I’m happy to walk you through the options available to you and set you up with mortgage professional.