If you're saving up to buy your first home, you might have heard that you need 20% of the home price for your down payment. But here's the truth, that's not necessarily the case. Unless specified by your lender, you don't always need to put down that much. Today's median down payment is less than 20%. In fact, it's only 14% when you take the average for all buyers, and it's even lower for the first time buyers at just 6%. The big takeaway? Don't let this myth become a barrier to achieving your dream of home ownership. If saving for a down payment still feels like a challenge, know that there are over 2,000 assistant programs in the U.S., and the majority are intended to help with down payments. If you want to purchase a home this year, let's connect. You may be closer to your savings goal than you think.
Jeremy Farlow, Managing Broker
Farlow Real Estate Experts
Quincy, IL 62305
Farlow.zoodealio.com (click here for cash offers on your house)
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