How much do you really need to buy a home? In some cases, you don’t need any cash at all.
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Home renters believe that they need more money than necessary to buy a home. According to an National Association of Realtors profile of homebuyers and sellers, 87% of all homebuyers think they need 10% down or more to buy a home. However, the same report shows that the median down payment is only 6% in the last three years.
Those with VA loans don’t need to put any money down. FHA buyers only need to put down 3.5%. There are many different options available if you’re a renter who thinks homeownership might be financially out of reach.
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Buying a home is less expensive than you think.
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If you’re thinking about buying a home anytime soon, focusing on your debt level and managing your credit score is of the utmost importance. If you have any questions for us in the meantime, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.
