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Why You Don't Need a Big Down Payment to Buy a Home

 

“20% Down!?  How will I ever save that much?”

Many people think that they can't afford to purchase a home because they don't have a large down payment saved up. We’ve all heard the old saying that you need as much as 20% of the purchase price as a down payment. Not so!  Here’s some of the reality of down payments and some assistance programs that are available to homebuyers:

The Real Numbers

While it’s true that the more money you put down, the lower your mortgage will be, the minimum needed is only 3%.  So if you are considering a home priced at $250,000, you need $7,500 to get in there. Sure beats saving 50 grand to get to that 20%

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Help Is Out There!

Down payment assistance programs provide buyers money to use as a down payment on their purchase. These are state, federal, and local programs designed to encourage homeownership, and there are several programs that are currently available to you.

Many of these down payment assistance programs target first-time home buyers. It's odd, but people who haven't owned a home for at least three years, even if they have in the past, are considered first-time homeowners by these programs.

One program offers up to $15,000 in down payment assistance! While these programs generally require that you have income below a certain level, the income thresholds can be pretty high and, for some programs, they only consider the individual who is on the mortgage rather than the entire household income. In other words, these programs are more inclusive and apply to a lot more people that it might initially seem.

Combining the historically low interest rates with a down payment assistance program could allow you to buy a home now and get really favorable terms, so it's something you should consider. To learn more about these programs, or if you need real estate assistance of any kind, please don't hesitate to reach out to me. I would love to hear from you!
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Shane Morgan - Inhabit Real Estate · 3121 SE Division St · Portland, OR 97202 · USA

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