{"id":7869,"date":"2022-10-10T10:00:04","date_gmt":"2022-10-10T10:00:04","guid":{"rendered":"https:\/\/thezakariagroup.com\/saving-for-a-down-payment-heres-what-you-should-know\/"},"modified":"2022-10-10T10:00:04","modified_gmt":"2022-10-10T10:00:04","slug":"saving-for-a-down-payment-heres-what-you-should-know","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/saving-for-a-down-payment-heres-what-you-should-know\/","title":{"rendered":"Saving for a Down Payment? Here\u2019s What You Should Know."},"content":{"rendered":"
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As you set out to buy a home<\/a>, saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start.<\/span><\/p>\n If that sounds like you, your down payment could be more in reach than you originally thought. Here\u2019s why.<\/p>\n If you believe you have to put 20% down on a home, you may have based your goal on a common misconception. Freddie Mac<\/em> explains<\/a>:<\/p>\n \u201c. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n Unless it\u2019s specified by your loan type or lender, it\u2019s typically not required to put 20% down. According to the latest Profile of Home Buyers and Sellers<\/em><\/a> from the National Association of Realtors<\/em> (NAR), the median down payment hasn\u2019t been over 20% since 2005. There are even loan types, like FHA loans<\/a>, with down payments as low as 3.5%, as well as options like VA loans<\/a> and USDA loans<\/a> with no down payment requirements for qualified applicants.<\/p>\n This is good news for you because it means you could be closer to your homebuying dream than you realize. For more information, turn to a trusted lender.<\/p>\n A professional will be able to show you other options that could help you get closer to your down payment goal. According to latest Homeownership Program Index<\/em><\/a> from downpaymentresource.com<\/em>, there are over 2,000 homebuyer assistance programs in the U.S.<\/strong>, and the majority are intended to help with down payments.<\/p>\n A recent article explains<\/a> why programs like these are helpful:<\/p>\n \u201cThese resources can immediately build your home buying power and help you take action sooner than you thought possible<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n And if you\u2019re wondering if you have to be a first-time buyer<\/a> to qualify for these programs, that\u2019s not always the case. According to an article from downpaymentresource.com<\/em><\/a>:<\/p>\n \u201cIt is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, 38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.<\/strong>\u201d<\/em><\/p>\n<\/blockquote>\n There are also location and profession-based programs you could qualify for as well.<\/p>\n Saving for your down payment is an important first step on your homebuying journey. Let\u2019s connect today and make sure you have a trusted lender to help explore your options.<\/p>\n<\/div>\nThe 20% Down Payment Myth<\/strong><\/h4>\n
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Down Payment Assistance Programs Can Be a Game Changer<\/strong><\/h4>\n
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Bottom Line<\/strong><\/h3>\n