{"id":8055,"date":"2023-06-19T10:30:00","date_gmt":"2023-06-19T10:30:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/saving-for-a-down-payment-heres-what-you-need-to-know\/"},"modified":"2023-06-19T10:30:00","modified_gmt":"2023-06-19T10:30:00","slug":"saving-for-a-down-payment-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/saving-for-a-down-payment-heres-what-you-need-to-know\/","title":{"rendered":"Saving for a Down Payment? Here\u2019s What You Need To Know."},"content":{"rendered":"
\"Saving<\/p>\n

If you’re planning to buy your first home<\/a>, then you’re probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you\u2019re intimidated by how much you need to save for that, it may be because you believe you must put 20% down. That doesn\u2019t necessarily have to be the case. As the National Association of Realtors<\/em> (NAR) notes<\/a>:<\/p>\n

\u201cOne of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership<\/em>.\u201d<\/p><\/blockquote>\n

And a recent Freddie Mac <\/em>survey finds<\/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<\/em>.\u201d<\/p><\/blockquote>\n

Here\u2019s the good news. Unless specified by your loan type or lender, it\u2019s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize.<\/strong><\/p>\n

According to NAR, the median down payment<\/a> hasn\u2019t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 14%. And it\u2019s even lower for first-time homebuyers at just 6% (see graph below<\/em>):<\/p>\n

<\/a><\/p>\n

What does this mean for you? It means you may not need to save as much as you originally thought.<\/p>\n

Learn About Options That Can Help You Toward Your Goal<\/strong><\/h4>\n

And it\u2019s not just how much you need for your down payment that isn\u2019t clear. There are also misconceptions about down payment assistance programs. For starters, many people believe there\u2019s only assistance available for first-time homebuyers. While first-time buyers have many options to explore, repeat buyers have some, too.<\/p>\n

According to Down Payment Resource<\/em><\/a>, <\/strong>there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments. That same resource goes on to say:<\/p>\n

\u201cYou don\u2019t have to be a first-time buyer. Over 38% of all programs are for repeat homebuyers who have owned a home in the last 3 years.<\/em>\u201d<\/p><\/blockquote>\n

Plus, there are even loan types, like FHA loans<\/a> with down payments as low as <\/span>3.5%<\/a> as well as options like VA loans<\/a> and USDA loans<\/a> with no down payment requirements for qualified applicants.<\/p>\n

If you\u2019re interested in learning more about down payment assistance programs, information is available through sites like Down Payment Resource<\/em><\/a>. Then, partner with a trusted lender to learn what you qualify for on your homebuying<\/a> journey.<\/p>\n

Bottom Line<\/h3>\n

Remember, a 20% down payment isn\u2019t always required. If you want to purchase a home this year, reach out to a trusted real estate professional to start the conversation about your homebuying goals.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

If you’re planning to buy your first home, then you’re probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you\u2019re intimidated by how much you need to save for that, it may […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[107,98,99,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nSaving for a Down Payment? 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