You Don’t Need A 20% Downpayment To Buy A Home

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We told you it’s possible to buy a home or condo without putting 20% down, the benefits and drawbacks of making a down payment and explained that there are assistance options available, and now it’s time to tell you what some of those options are.

One of the most persistent – and damaging – myths about buying a home in Seattle, WA is that of "the normal 20% down payment. " It is true that lenders need to limit their risk when a loan is for more than 80% of the home’s value, and that mortgage insurance is the tool they use to accomplish this.

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If you’re buying a home for sale in Scottsdale, you already know that saving for a down payment can be pretty tricky – but do you really need to save up 20 percent?. Here’s what you need to know. Do You Really Need a 20% Down Payment to Buy a Home? For most people, coming up with 20 percent of a home’s purchase price is a pretty big hurdle.

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Don’t have tens of thousands of dollars in savings? That doesn’t mean there’s no hope of becoming a homeowner. Home prices are on the rise, making it harder for buyers to cobble together a 20% down.

Whether you’re buying your first home or your fifth, you don’t actually need to put down 20%. There’s a good reason to put 20% down to buy a home. With a greater down payment, your monthly payment will be smaller, and you can avoid mortgage insurance payments which can add to monthly housing costs.

First, we need to assess where you are in the home buying process as well as your experience with owning a home. Are you a first-time homebuyer? Are you currently renting an apartment and don’t have the means to save for a down payment? Do you already own a home and looking to move into a new one?

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