As you set out to buy a home in Moon Twp PA saving for a down payment is likely top of mind. But you may still have questions about the process. How much should you save? Where do you 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. Freddie Mac explains:
“. . . 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 it’s specified by your loan type or lender, it’s typically not required to put 20% down. According to the latest Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. There are even loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants.
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.
Saving for your down payment is an important first step on your homebuying journey. Contact Moon Township Realtors at the Diane McConaghy Team with REMAX Select Realty today to explore all the options in our local market – and beyond – so you can achieve your homeownership dreams.
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