Planning to buy your first home involves saving for various expenses, with the down payment being a significant consideration. However, contrary to popular belief, a 20% down payment is not always required.
According to the National Association of Realtors (NAR), the median down payment for all homebuyers is only 14%, and for first-time homebuyers, it's just 6%. This means you may not need to save as much as you initially thought.
Additionally, there are over 2,000 homebuyer assistance programs in the U.S., with the majority aimed at helping with down payments. These programs are not exclusive to first-time buyers; over 38% of them are available to repeat homebuyers who have owned a home in the last three years. Furthermore, specific loan types, such as FHA, VA, and USDA loans, offer low or no down payment requirements for qualified applicants.
To learn more about down payment assistance programs, you can visit resources like Down Payment Resource and partner with a trusted lender who can guide you on your homebuying journey.
Remember, a 20% down payment is not always mandatory. If you're planning to purchase a home this year, consider reaching out to a trusted real estate professional to discuss your homebuying goals.