Do you need a 20% downpayment?
At RateGravity, we are honored when given the opportunity to conduct home buyer classes because it gives us the chance to live one of our core values, which is to provide unbiased educational content.
During several of our most recent classes, we have heard a consistent theme from many potential homebuyers that we refer to as “the misconception of 20% down.” Specifically, this is the mistaken belief that you can only buy a home if you have 20% of the purchase price saved for a down payment.
In fact, the National Association of Realtors most recent HOME Survey showed that 37% of those 34 years or younger believe they need more than 20% for a down payment, and only 13% believe they need 5% or less.
The purpose of this article is to dispel this common misconception by explaining the options available for you to achieve the dream of home ownership without having to come up with 20% for a down payment. Read More