Are you gearing up for the exciting journey of purchasing your first home? While the prospect of homeownership is undoubtedly thrilling, the financial aspects, especially the down payment, can be a source of concern. Let’s dispel a common misconception that might be lingering in your mind.
Contrary to popular belief, you don’t need a hefty 20% down payment to make your homeownership dreams a reality. According to Freddie Mac, approximately one-third of potential homebuyers think a 20% down payment is a prerequisite. However, data from the National Association of Realtors (NAR) tells a different story.
The median down payment hasn’t surpassed the 20% mark since 2005. In today’s market, the median down payment for all homebuyers stands at a manageable 15%, and for first-time buyers, it’s even lower at 8%. Importantly, these figures are medians, not mandates. Many qualified buyers opt for down payments below these averages.
What’s more, numerous down payment grant and assistance programs exist to support homebuyers in realizing their homeownership aspirations. These programs cater to both first-time and repeat buyers, offering financial aid that can make a significant difference.
To delve deeper into these opportunities and gain insights into the various programs designed to assist homebuyers, we invite you to RSVP to our online workshop on March 7th. Discover how you can navigate the path to homeownership with confidence, armed with the knowledge of affordable down payment options. Don’t let myths hold you back—empower yourself to take the first step towards your dream home.
