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!