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The Truths Young Homebuyers Need To Hear | Keeping Current with Real Estate Blog

Wednesday, September 22, 2021   /   by Scott Parks

Is a 20% Down Payment Really Necessary To Purchase a Home?

There’s a common misconception that, as a homebuyer, you need to come up with 20% of the total sale price for your down payment. In fact, a recent survey by Lending Tree asks what is keeping consumers from purchasing a home. For over half of those surveyed, the ability to afford a down payment is the biggest hurdle.
That may be because those individuals assume a 20% down payment is necessary. While putting more money down if you’re able can benefit buyers, putting 20% down is not mandatory. As Freddie Mac puts it:

“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”

If saving that much money sounds overwhelming, you might be ready to give up on the dream of homeownership before you even begin – but you don’t have to. According to the Profile of Home Buyers and Sellers from the National Associa ...

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  helping is who we are and how we serve!, misunderstandings about affordability, the truths young homebuyers need to hear

Wednesday, July 7, 2021   /   by Scott Parks

The Truths Young Homebuyers Need To Hear

The Truths Young Homebuyers Need To Hear


For many young or first-time homebuyers, purchasing a home can feel intimidating. A recent survey shows some homebuyers ages 25 to 40 may be unsure about the homebuying process and what they can afford. It found:


“1 in 4 underestimated their buying potential by $150k or more”



“1 in 4 underestimated the increase in value by $100k or more”



“47% don’t know what a good interest rate is”


Because they feel uncertain, many young homebuyers have given up on their search, or worse, they’ve decided homebuying isn’t for them and never started on their journey to begin with.

If you’re interested in buying but aren’t sure where to begin, here are three key concepts about homeownership you should understand before you get started.

1. What You Need To Know About Down Payments

Saving for a down payment is sometimes viewed as one of the biggest obsta ...

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  the truths young homebuyers need to hear