Is a Full 20% Down Really Necessary to Purchase a Home?

September 24, 2021


In real estate there is a common thought that you have to have a 20% downpayment for any home purchase. However this is somewhat of a misconception because there are some cases where you do not have to have 20% of the purchase price as a downpayment. 


Lending Tree did a survey recently that showed that this misconception is actually a factor that causes many people to not pursue home buying. Being able to afford the full 20% is a huge hurdle for most so it tends to scare people off from the whole process. 


Listen I know that trying to save up that kind of money seems impossible and it might make you want to give up on your dream before you even get started, but friends let me let you in on a little secret. 20% is not mandatory, in fact according to the NAR (National Association of Realtors) down payments haven't averaged at 20% since 2005. In today’s market the actual average down payment is more like 12% of the purchase price. If you are a first time homebuyer I have even better news for you, it is most often even lower for you!


I want to wrap this up for you. If you are looking to buy a home now or even in the next year. Don’t let old facts or misconceptions about the real estate market scare you away. Contact me today, let me be your trusted real estate professional! I will help guide you, show you where the misconceptions are and I will help you get the home of your dreams or just into your starter home. While saving for a downpayment can seem like a daunting task, just remember there are some assistance programs for qualified buyers, there are lower down payment percentages for first time buyers and it is not likely you will have to put down a full 20% even if you are not a first time buyer. 


Call me today, let me get you set up with one of my trusted lending professionals and then once we know your budget I will get out there and find you a home. I want to be YOUR realtor!

 

 

 

Alicia Edwards - Realtor

I want to be your realtor! Let me help you find your next home or sell your current one. Call me and let me get started working for you today (678) 622-0302. I look forward to talking to you soon. Your Home, Your Future, My Commitment!

Looking to Buy or Sell, Contact Me!

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