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Category: Gen Z

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Is a 20% Down Payment Really Necessary To Purchase a Home?

There’s a common misconception that, as a homebuyer, you need to come up with 20% of the total sale price for your down payment. In fact, a recent survey by Lending Tree asks what is keeping consumers from purchasing a home. For over half of those surveyed, the ability to afford a down payment is the biggest hurdle. That may be because those individuals assume a 20% down payment is necessary. While putting more money down if you’re able can benefit buyers, putting 20% down is not mandatory. As Freddie Mac puts it: “The most damaging down payment myth—since it stops the homebuying process before...

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*Assumes 2.799% APR, 20% down payment, and conforming 30-year fixed rate first mortgage on a single family, primary residence. The monthly payment you enter includes only principal and interest. Additional required amounts such as taxes, insurance, home owner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan based on the payment entered. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice.  **Posted APR is based on Mortgage Assumptions
 
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