October 23, 2019 rummy 0Comment
Money bag with the word down payment. Payment used in the context of the purchase of expensive items such as a car and a house, whereby the payment is the initial upfront portion of the total amount

It could be you, someone you know or close to you who is held back because of misconception about down payment. Read more about it now, what you’ll learn may pleasantly surprise you.

According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:

“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”

When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say,

“The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown below):

The lack of knowledge about the home-buying process is unfortunately keeping many motivated buyers on the sidelines.

Don’t let a lack of understanding keep you and your family out of the housing market. Meet with a local real estate professional who can show you your options today.

Reblogged from: http://bit.ly/2BMtx9X

 

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Rummy Dhanoa - Broker with New York Real Estate Experts