As a buyer, how much do you need to put down as a downpayment? 

When you make the decision to start searching for your perfect home and make your homeownership dreams a reality, so as a buyer how much do you need as a downpayment?

I have some tips and myths on down payments and a few things you should know. As you begin your home search one thing that may be top of mind is how much down payment do I need to save?

Most buyers tend to think a 20% down payment is needed to purchase a home however that is not necessarily true.

According to Freddie Mac, "Nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership."

Unless specified by your lender, 20% down is typically NOT required. Many loan programs available today, like FHA loans which require only 3.5%, and USDA and VA loans which require no down payment, are available for qualified applicants.

In addition to loan programs, most buyers are unaware of all the different options available for down payment assistance. Most buyers think they need to be first-time home buyers to qualify for assistance but that is not always true.

According to an article from downpaymentresource.com, "It is a common misconception that homebuyer assistance is only available to first-time home buyers, however, 38% of homebuyer assistance programs in Q1 2022 did not have a first-time home buyer requirement."

This is GREAT news for a buyer who now may be closer to owning a home than they realized. Of course, it is always best to consult your real estate agent so they can show you all your options, debunk the myths and help you get closer to achieving your homeownership goals here in Chapin and Lexington South Carolina.

Connect with me so I can help you get closer to that goal of homeownership.

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