Home Buying Tip of the Day! Home Buying Tip #1
“You don’t need 20% Saved for a down payment”
The idea that you have to put 20 percent down on a house is a myth. The average first-time homebuyer puts just 6% down. Certain loan programs allow as little as 3% or even zero down.
In short, you shouldn’t think it’s conservative to make a large down payment on a home, or risky to make a small down payment. The right amount depends on your current savings and your home buying goals.
If you can get approved for a house with less money down and become a homeowner sooner, that’s very often the right choice.