One More Time...You Don't Need 20%Down to Buy a Home!
February 07, 2019
- The largest obstacle renters face when planning to buy a home is saving for a down payment. This challenge is amplified by rising rents, which has eaten into the amount of money renters have leftover for savings each month after paying expenses.
In combination with higher rents, survey after survey has shown that non-homeowners (renters and those living rent-free with family or friends) believe they need to save upwards of 20% for their down payment!
According to the study commissioned in partnership between the and
The percentage of those who are aware of low down payment programs (those under 5%) is surprisingly low at 12% for non-homeowners and 13% for homeowners.
In a recent report, they found that 49% of renters believe they need at least a 20% down payment.
Those waiting until they have over 20% may already have enough saved to buy now!
There are over 45 million millennials (33%) who are mortgage ready right now, meaning their income, debt, and credit scores would all allow them to qualify for a mortgage today!
If your five-year plan includes buying a home, meet with a local real estate professional who can help you determine what it will take to make that plan a reality. You may be closer to your dream than you realize!