#ChickChat Episode 55- Do You Have Enough For A Downpayment?
In this week's episode, we are going to talk about, do you have enough money for your down payment?
One of the biggest misconceptions ever is that buyers need 20% down to buy a home. 74% of millennials say that they want to buy a home in 2020. And I don't want all of you guys thinking that you need the 20% down because it's just not true. In 2019, the median down payment for all home buyers was 12%. That's much, much less than 20%. For first time home buyers, the median down payment was 6%. And for repeat buyers, the median down payment was 16%. So actually not a lot of people are putting down 20%. And that's amazing if you can, but it is definitely not something to stop you from getting into the real estate market. There are even 0% down loan programs for homes that are approved for USDA loans, which if you don't know what that is, just give me a call and I'll fill you in. And then there's 0% down payment for veterans. So there's lots of options for you. There's even 3% down conventional loan options right now. So don't wait and don't let the 20% hold you back.
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