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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