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If you’re a first-time homebuyer feeling worried by the 20% down payment guidance commonly quoted, know that a down payment can actually be much lower—for example, 3% to 5% depending on loan type.
Consider these pros and cons: Pros of a bigger down payment. ... In that $400,000 home example, a 20 percent down payment would save more than $78,000 over a 30-year mortgage.
The median price for an existing home in the U.S. was $379,100 as of January 2024. A 20 percent down payment on a home at this price would come to $75,820. Regardless of price or loan type, though ...
According to the National Association of Realtors, the average down payment for a first-time buyer in 2022 was 8% -- while repeat buyers put down an average of 19%. Making a down payment under 20% ...
A 20% down payment isn’t a requirement for most borrowers. However, there are many advantages to taking the time to save up that money anyway.
Lighter Side. Medicare. News
Just 29% of first-time homebuyers made a 20% down payment in April 2021. But first-time buyers are increasingly squeezed out of the market. The percentage of buyers who were purchasing a first ...
In reality, the average down payment for first-time homebuyers was just 8% in 2023, according to the National Association of Realtors. That's due, in part, to down payment assistance (DPA) programs.