The Benefits Of A 20 Percent Down Payment

The Benefits Of A 20 Percent Down Payment

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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 are many programs available 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 a down payment.

These programs have cut the savings time that 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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Lance Whipple PA Headshot
Author:
Phone: 407-494-6030
Dated: May 8th 2019
Views: 195
About Lance: Lance is a Retired Air Force Officer and skip-generation real estate agent -- his grandparents ran a...

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