There are boundless myths about down payment requirements. Some of these myths include percentages, while others may include sourcing or gifts. Despite misinformation, it may not take you as long as you think to save for a down payment. Remember, it is always suggested that you visit a loan officer with current loan programs for a pre-approval. This is a very important step, one that can give a prepared buyer's bid extra weight. A study performed by Builder.com illustrated that nearly half of all Americans plan on moving in the next eight years. Clearing away any confusion or myths about down payment is critical.
There are several loan programs available for the 20% down buyer. There are also loan programs for 10% down payment. And even 3% down payment loan programs are available. With all of these options, you may find that it does not take you as long as you think to save for a down payment. This is a powerful reason to act now if you have been thinking of buying.
Below is an illustration provided by Keeping Current Matters with Builder.com's data. This graphic breaks down the years needed to save for a down payment by state. This clearly shows that South Carolina is in lock step with the majority of the country.