The 20% MYTH!
Posted on January 10, 2020
Have you mentioned to anyone that you’re thinking about buying a home? Be prepared to get advice and tips from everyone!
The only bad thing about all this free help is all the misinformation and myths that get spread around about buying a house. For example, one of the MYTHS I hear all the time is that you HAVE TO HAVE 20% down in order to purchase a home!
For a long time it was REQUIRED that you have 20% down in order to purchase a home. However, this made homeownership so inaccessible to many people that Mortgage Insurance was created, allowing individuals to purchase a home even with less than 20% down!
The variety of loan programs available today makes homeownership more accessible with MULTIPLE down payment options.
➡️ The average down payment is just 5 – 7%➡️ Many loan programs only require 3 – 5%
➡️ Government programs will allow 0% DOWN
While many options are available, the only way to know what specific down payment options are available to YOU is to talk to a lender who can take a look at your unique situation.