61 Percent Of First Time Home Buyers Made A Down Payment Of 6 Percent Or Less In 2017

Dated: 06/11/2018

Views: 197

Image title

One of the biggest hurdles that potential buyers have to overcome on the road to homeownership is saving for a down payment. Traditionally, you needed a 20% down payment in order to secure a loan and purchase a property. And for many people dreaming of buying property, this large up-front investment put homeownership out of their reach.

But times have changed. Depending on your creditworthiness, you might not need a 20% down payment to purchase a home. In fact, in some cases you don’t even need a 10% down payment. According to the National Association of Realtors’ Realtors Confidence® Index, 61% of first-time buyers in 2017 made a down payment of 6% or less.

Low-down-payment mortgage options, like FHA loans, are making the possibility of homeownership a reality for a new generation of potential homeowners who have the financial means to manage their mortgage payments but don’t have the ability to stash away 20% of the total cost before making a purchase.

If you'd like to know about all of the options available to you, or would like to see if you qualify for down-payment assistance (yes, there is such a thing!), get in touch with me and I can give you a wealth of information you never knew was available and get you in touch with a reputable lender.

The Takeaway

If you’ve been putting off homeownership because you’re worried your savings account can’t support a hefty down payment, start talking to lenders. Even if you don’t have any money to put towards a down payment, the possibility of owning a home is within your reach.

Related Articles:
Which Down Payment Strategy Is Right For You

Misconceptions About Buying A Home Are Blocking Eligible Buyers From Becoming Homeowners

How to Prepare to Finance a Home

If You Think Owning A Home is Out of Reach, You Need to Read This

Latest Blog Posts

Here Is How Home Ownership Is Possible For You

Are you letting the high price of homes in the Bellingham area keep you from buying? Fear not! So many clients come to us wanting to buy a new home but certain they won’t be able to afford it, and

Read More

Why Winter Is The Best Time To Sell Your Home

Might be hard to believe, but selling your home in the winter is dynamically easier than selling it in the spring, and here’s why:Very little inventoryOne of the strongest home-selling markets in

Read More

Selling Your Home For Top Dollar

Thinking about selling your home? Then you’re probably asking yourself:1. What can I do to my home to maximize the profit potential?2. Is it worth putting money into small renovations?3. What work

Read More

ITS A HIT Free Real Estate Workshops With Rick Moore Group

We did it! Our first two Free Real Estate Workshops were a huge success! If you missed it, Golden Ticket Home Events has set up series of free workshops to help you explore the process of selling

Read More