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OK Boomer, You Don't Need 20% Down
OK Boomer, You Don't Need 20% Down
 
Bound to happen from time to time in the digital age, a saying goes viral --- in this case, "OK, boomer," --- which is meant to expose a close-minded or out-of-touch opinion, thought or mindset of one generation by another (I'll let you figure out the age demographics here).  Hopefully, the topic of this blog will transcend generational differences and address the assumptions about the down payment one needs to make when purchasing a home, versus the reality of what we see every day with those who are actually buying homes.  I think you'll be surprised at the expanse between fact and fiction.
 
Let's start by saying that in the US, it's been widely assumed that a homebuyer must make a 20% down payment of the purchase price.  This concept has been propagated from one generation to the next and since Americans have been buying homes instead of carving them out of frontier land.  In fact, not a week goes by where we don't get a call from a prospective buyer that starts with an iteration of, "We'd like to buy our first home but we haven't saved 20% yet..." Yet, over at least the last 20 ... more

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