How Much Do You Really Need for a Downpayment?

When someone is in the process of buying a home, how much money do they need to put up as a down payment? According to research from the National Association of REALTORS® consumers across all income brackets, education levels and ages believe that 20 percent of the cost of the home is needed for a down payment. However, this simply isn’t true. In fact, the average median down payment has been 5 percent for first-time buyers for decades.

This misconception is holding back many potential first-time buyers, who incorrectly believe they do not have enough cash on hand to… Read More
Source: REALTOR News