Though 20 percent has traditionally been the ideal amount to put as a down payment, the notion that you must do so to qualify for a home loan is simply not true.
In fact, according to the National Association of Realtors®, first-time homebuyers in 2022 put down an average of 6 percent, while repeat buyers typically put down an average of 17 percent.
Different loan programs come with varying down-payment requirements, so how much you can afford will influence the type of loan you qualify for. Whether you’re a repeat or a first-time homebuyer, the following guide can help you understand your options and discover the best one for your budget.
Click here to learn more...Compliments of First Choice Realty Team.