The 20% Down Payment Myth, Debunked
Posted by Shane Andersen on
Saving up to buy a home can feel a little intimidating, especially right now. And for many first-time buyers, the idea that you have to put 20% down can feel like a major roadblock.
But that’s actually a common misconception. Here’s the truth.
Do You Really Have To Put 20% Down When You Buy a Home?
Unless your specific loan type or lender requires it, odds are you won’t have to put 20% down. There are loan options out there designed to help first-time buyers like you get in the door with a much smaller down payment.
For example, FHA loans offer down payments as low as 3.5%, while VA and USDA loans have no down payment requirements for qualified applicants, like Veterans. So, while putting down more money does have its benefits, it’s…
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