If you are in the market to buy a home this year, you may be confused about how much money you need to come up with for your down payment. Many people you talk to will tell you that you need to save 20% or you won’t be able to secure a mortgage.
The truth is that there aremany programsavailable that let you put down as little as 3%. Those who have served our country could qualify for a Veterans Affairs Home Loan (VA) without needing adown payment.
These programs have cut thesavings timethat many families would need to compile a large down payment from five or more years down to a year or two. This allows them to start building family wealth sooner.
So then, why do so many people believe that they need a 20% down payment to buy a home? There has to be a reason! Today, we want to talk about four reasons why putting 20% down is a good plan, if you can afford it.
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During the housing market crash, Gen X homeowners lost more wealth tha
"Steve Humphries was great to work with. Personable and knowledgeable. He helped us zero in on homes that met our criteria for a vacation rental property and negotiate the minimum price that actually got us the house. It is now a profitable, positive cash flow property that has already had an uptick in value. Steve was very helpful to us as Canadians buying in the US in terms of providing advice we needed and accommodating our last minute travel schedule. I expect to use Steve again personally for any additional revenue homes in the Davenport & Champions Gate area and have recommended him to friends. Well done Steve!"