Down Payment Myth Buster

October 30th, 2019

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62% of Buyers Are Wrong About Down Payment Needs

62% of Buyers Are Wrong About Down Payment Needs - Bledsoe Santana Team Realty LLC, Oregon Licensed Brokers

According to the ‘2019 Home Buyer Report conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:

“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”

When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say,

“The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown below):

62% of Buyers Are Wrong About Down Payment Needs | MyKCM

Don’t let a lack of understanding keep you and your family out of the housing market. Let’s get together to discuss your options today. Contact an Agent

Bottom Line

Lack of knowledge about the home-buying process is, unfortunately, keeping many motivated buyers on the sidelines. Contact us today to find more about what is needed to purchase a home in today’s market. Start building your financial wealth. Our agents have the tools and knowledge to help you get started today! Contact an Agent

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