Misconception About Down Payments Keeping People From Purchasing Homes

By
Real Estate Agent with South Florida Home Solutions

One of the main reasons people aren’t buying homes is they think they can’t afford it—especially the down payment. But, as it turns out, there are plenty of buyers out there who actually can afford to purchase a home, but their misconceptions about affordability are holding them back from making a move. According to a recent survey by lender Laurel Road, 53% of Americans are concerned about their ability to afford a home. But a lot of that concern is because they don’t know what their options are. A solid 58% of Americans surveyed said they planned to put down a 20% payment on a home, but 35% (and 46% of millennials) didn’t think they could afford to save that kind of down payment. But with alternative lending options, you don’t need 20% in order to buy a home! According to the National Association of Realtors, the median down-payment for first-time buyers is at 6%—significantly less than the 20% the majority of Americans believe they need in order to purchase a home.

The Takeaway

Your misconception about how much you need for a down payment could be holding you back from purchasing property. Explore the alternative loan options available to you and make your dream of owning a home a reality!

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Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good day 

Thank you for sharing your information with us 

Have a great day 

07/17/2018. 

Jul 17, 2018 04:27 PM #1
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Michael, it is amazing to hear from some potential buyers that still think they need 20% down.  Great post.

Jul 17, 2018 04:40 PM #2
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Rainmaker
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Michael Peron

Michael Peron, Dave Florida Real Estate
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