The 20% Down Payment Myth

I speak to so many renters who believe that they can never achieve the dream of homeownership because the prospect of saving 20% of the total mortgage just seems out of reach. The good news is that the 20% rule is largely a myth. Unless a particular loan type requires it, there is rarely a need to come up with that sometimes insurmountable sum! Yes, by putting down 20% you save the cost of Private Mortgage Insurance, but that is not a fee that stays with you for the life of your loan and isn’t a requirement. Additionally, some loan products require a down payment as low as 3.5%! It doesn’t cost you anything to reach out to a trusted lender to see what you qualify for and to see what your options are. A good lender can even give you a step-by-step plan to get you where you need to be and to get your credit score where it needs to be! Check out this article for more info on the 20% down payment myth!