Mortgage
If you’re looking to buy a home, your down payment doesn’t have to be a big hurdle. According to the National Association of Realtors (NAR), 38% of first-time homebuyers find saving for a down payment the most challenging step. But the reality is, you probably don’t need to put down as much as you think:
Data from NAR shows the median down payment hasn’t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 15%. And it’s even lower for first-time homebuyers at 8%. But just because that’s the median, it doesn’t mean you have to put that much down. Some qualified buyers put down even less.
For example, there are loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants. But let’s focus in on another valuable resource that may be able to help with your down payment: down payment assistance programs.
According to Down Payment Resource, there are thousands of programs available for homebuyers – and 75% of these are down payment assistance programs.
And it’s not just first-time homebuyers that are eligible. That means no matter where you are in your homebuying journey, there could be an option available for you. As Down Payment Resource notes:
“You don’t have to be a first-time buyer. Over 39% of all [homeownership] programs are for repeat homebuyers who have owned a home in the last 3 years.”
The best place to start as you search for more information is with a trusted real estate professional. They’ll be able to share more information about what may be available, including additional programs for specific professions or communities.
Here are a few down payment assistance programs that are helping many of today’s buyers achieve the dream of homeownership:
Even if you don’t qualify for these types of programs, there are many other federal, state, and local options available to look into. And a real estate professional can help you find the ones that meet your needs as you explore what’s available.
Achieving the dream of having a home may be more within reach than you think, especially when you know where to find the right support. To learn more about your options, let’s connect.
Stay up to date on the latest real estate trends.
Mortgage rates will come down slightly. More homes will sell. And prices will rise more moderately.
If you're in the market for a million-dollar home, now is an excellent time to explore the thriving luxury market.
What does this mean for the housing market, and more importantly, for you as a potential homebuyer or seller?
While financial aspects are important, sometimes the personal motivations for moving are reason enough
Here’s some information that could help you make your decision.
The biggest missteps are pricing a house too high, skipping repairs, not being objective, and not being willing to negotiate.
6 beds | 4 baths | 2,232 sq ft
For now, this is still seller’s market territory – it’s just not as frenzied of a seller’s market as it’s been over the past few years.
Mortgage Rates Are Projected To Come Down Slightly
You’ve got questions and we can’t wait to answer them.