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How Much Do I Have To Save As Down Payment?

Updated: Jan 12

Saving for a down payment is one of the important things when it comes to buying a home. Most people are afraid to go for their dream homes because they think it is impossible for them to gather the amount that is needed. The truth is, saving for a down payment could be much easier than you think. Here are a few reasons why:

1) Dispelling The 20% Down Payment Myth

One of the largest myths perceived by homebuyers is that they need 20% or more to purchase a home. However, the truth is, if it's not specified by the lender or by the loan, this is not a requirement. According to the National Association of Realtors®' Profile of Home Buyers and Sellers, since 2005, the median down payment hasn't gone beyond 20%. In fact, with FHA loans, down payments can be as low as 3.5%.

2) First-Time Homebuyer Assistance

Another common misconception when buying a home is that only first-time homebuyers can get assistance. There are many homebuyer assistance programs that people can access, even if it's not their first time to purchase a home.

If you need assistance in purchasing a home, whether it's somewhere in Longwood Community or any part of Long Island, give us a call and we'd love to help you!

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Disclaimer: Views and information provided in this post are for general informational and educational purposes only and is not a substitute for professional advice. Before taking any action based upon such information, we encourage you to consult with the appropriate professionals. The use or reliance to any information contained on this site or mobile application is solely at your own risk.

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