Do you know how much money is needed for a down payment on a home? There is often a misconception about how much money is needed when putting a down payment on a home. This can prevent people from purchasing a home, but no need to worry! Kelsey has some insight on the topic, including the average percentages and available programs to assist in lowering down payments.
Hi guys, Kelsey Saldana here with Twin Cities Elite Real Estate Group and today we are talking about down payments.
There has been a huge misconception that you need 20% down in order to purchase a home, so we would love to chat with you further. If you have thought about being a homeowner, whether you’re a first-time homeowner or a repeat buyer, we would love to go over some different options with you. We work with some wonderful lenders that can also provide a lot of helpful information on this misconception that you need a good chunk of money in order to purchase a home. So just to give you an idea, there are programs out there where you don’t need any money down to purchase a home. Some lenders like to see a thousand dollars in the bank, doing a USDA loan. There are some veteran programs out there as well as an FHA loan where you need as little as three and a half percent to put down on a home.
So if you’ve had any thoughts about purchasing, but have been worried that you do not have enough money in order to purchase, we would love to talk further. Just to give you an idea in 2019, the median down payment was 12% for all buyers, 6% for first-time, home buyers, and 16% for repeat buyers. So there’s a lot of options out there. We just wanted to make you aware of that. And we would love to talk specifics with you, so we can see how we can best help you, to get you into your next property. So have a wonderful day and please reach out with any questions.
Guiding you home,