The average down payment for first-time home buyers isn’t as much as you think.
In fact, as you’ll see today, it’s significantly less.
Looking to buy a Bay Area Home? Search all Bay Area homes for sale. Selling Your Bay Area Home? Use our home evaluation tool.
In fact, as you’ll see today, it’s significantly less.
Looking to buy a Bay Area Home? Search all Bay Area homes for sale. Selling Your Bay Area Home? Use our home evaluation tool.
I’ve noticed lately that there’s a massive disconnect among first-time home buyers when it comes to knowing what they really need to put down when buying their first house.
You've probably been told that you need to put 20% down when buying a home.
What if I told you that the average for first-time home buyers is only 5%? That’s not something new, either; that’s something that’s been going on for decades! While it’s true that putting more skin in the game means you’ll be more apt to stay in the property longer, if you’re just trying to buy your first home, the average is 5%. Furthermore, there are loan programs that can go as low as 3%.
You've probably been told that you need to put 20% down when buying a home.
What if I told you that the average for first-time home buyers is only 5%? That’s not something new, either; that’s something that’s been going on for decades! While it’s true that putting more skin in the game means you’ll be more apt to stay in the property longer, if you’re just trying to buy your first home, the average is 5%. Furthermore, there are loan programs that can go as low as 3%.
There’s no shame in becoming a homeowner.
Don't be fooled into thinking you can't buy a home because you are younger and don't have a large amount of money for a down payment. In fact, rentals in our area right now are more expensive than the average monthly mortgage payments.
Now, here’s the cool part: people that are 65 or older are 33% more likely to lend to people that are 34 or younger. If you’re in that bracket, be open to accepting some cash from a parent or perhaps a close friend to get you into that home. There’s no shame in becoming a homeowner today.
If you have any questions about this or any other real estate-related topic, please feel free to give me a call or send me an email. I look forward to talking with you!
Now, here’s the cool part: people that are 65 or older are 33% more likely to lend to people that are 34 or younger. If you’re in that bracket, be open to accepting some cash from a parent or perhaps a close friend to get you into that home. There’s no shame in becoming a homeowner today.
If you have any questions about this or any other real estate-related topic, please feel free to give me a call or send me an email. I look forward to talking with you!
