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

Dated: 06/11/2018

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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

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