How much of a downpayment do you need to buy a home? Less than you might think! Many people believe that in order to purchase a home, you need a 20 percent downpayment. Studies show it’s one of the most enduring home buying myths.
In reality, the median downpayment among all home buyers is only about 10 percent. For first-time home buyers (comprising more than one-third of all home buyers), the downpayment is significantly lower, in the 5 percent range. There are even some lower and even no downpayment loan options, such as the VA home loan program. (Closing costs and fees may still apply.)
Here are some more interesting facts about home buying and financing across the country:
At Primary Residential Mortgage, we have a wide variety of loan and downpayment options to help families buy a home and start investing in their future. When you’re ready to start your home buying journey, we’re a great place to start. We’ll help you review financing options and apply for loan pre-qualification so you’re ready to start your home search. Call us at (209) 480-3303 and get started on your own home buying journey.