How much of a down payment do you actually need?

You'd be surprised by the answer to this question.  According to Freddic Mac, 40% of today's homebuyers using mortgage financing are making down payments that are less than 10%!  

"A recent survey by Zelman & Associates revealed that 38% of those between the ages of 25-29 years old and 42% of those between the ages of 30-34 years old believe that a minimum of 15% is required as a down payment to purchase a home. A recent questionnaire administered by Freddie Mac showed that over 50% of all respondents thought 20% was required as a down payment."

Letting more consumers know how down payments are determined could bring more qualified borrowers to the table.  Depending on your credit history and other factors, many borrowers may only have to put 5% - 10% down for the purchase of a home.  Whether you're a first time home buyer or saving up for a vacation home, do your research... you may find it's not out of your reach!

To read the full article on Keeping Current Matters, click here!

Contact us today for more information or inquires about the home buying or selling process!  


No comments (Add your own)

Add a New Comment


code
 

Comment Guidelines: No HTML is allowed. Off-topic or inappropriate comments will be edited or deleted. Thanks.

Find your new home
Find Your New Home
Click to view our listings
Contact The Aland Team

Contact Aland Today

We would love to hear from you! Call, email or stop by one of our offices to speak with a broker.

Discover seacoast living

Discover Seacoast Living

Find out why these coastal communities are some of the most sought after in the country.

Learn about our services

Learn About Our Services

See how we can help you. We offer a variety of services that are tailored to your specific real estate needs.