Saving for a Down Payment? Here’s What You Should Know.
As you set out to buy a home, saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start.
If that sounds like you, your down payment could be more in reach than you originally thought. Here’s why.
The 20% Down Payment Myth
If you believe you have to put 20% down on a home, you may have based your goal on a common misconception. Unless it’s specified by your loan type or lender, it’s typically not required to put 20% down. This is good news for you because it means you could be closer to your homebuying dream than you realize. For more information, turn to a trusted lender.
Down Payment Assistance Programs Can Be a Game Changer.
A professional will be able to show you other options that could help you get closer to your down payment goal. And if you’re wondering if you have to be a first-time buyer to qualify for these programs, that’s not always the case. There are also location and profession-based programs you could qualify for as well.
Saving for your down payment is an important first step on your homebuying journey. Let’s connect today and make sure you have a trusted lender to help explore your options.
