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How Much??

By Doug Dawes

Real Estate Agent with Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA 92593-B

December 15, 2023 07:58 AM

When we were considering the purchase of our home the traditional downpayment was 20%. It was something we had strived and saved for. Now, times have changed and it is nearly impossible for most people to come up with 20% given the price of homes. BUT, the good news is that you do not need that 20% as shown below in the infographic.

What You Need To Know About Down Payments

Some Highlights

If you want to buy a home, you may not need as much for your down payment as you think.
There are various loan options for qualified buyers with down payments as low as 3.5% or even no down payment requirement. There are also thousands of programs available to help homebuyers with their down payments.
With the right resources, your down payment may be more within reach than you realize. Talk to a local real estate expert to learn more about your options.

thank you to KCM for the informative graphic.

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Comments(13)

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Michael J. Perry

Fathom Realty - Lancaster, PA

Lancaster, PA Relo Specialist

Buy with CASH and then decide what LTV you want to place on the Property ( and replenish your original $$$

Dec 15, 2023 08:17 AM

Doug Dawes

Topsfield, MA
Bob "RealMan" Timm

Minot, ND

Ed Silva, 203-206-0754

Mapleridge Realty, CT 203-206-0754 - Waterbury, CT

Associate Real Estate Broker

With the limited inventory most buyers are putting down large sums to make sure their offer has a chance.

We have state loan programs that allow for no money down and most put at least 10%.

Dec 15, 2023 08:21 AM

Doug Dawes

Topsfield, MA
Bob "RealMan" Timm

Minot, ND

Bob "RealMan" Timm

Ward County Notary Services - Minot, ND

Owner of Ward Co Notary Services retired RE Broker

I can not speak for all of North Dakota but I will say that in Minot a 20% down payment would be unusual, at least in the time I was active Doug Dawes . It may be because we are by large a military community and VA loans don't require it. I was huge on using a promissory note in cases where a buyer didn't have the cash. It ALWAYS worked out, never a default during my career.

Dec 15, 2023 08:38 AM

Doug Dawes

Topsfield, MA

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Afternoon Michael J. Perry

Wouldn't it be nice to be able to purchase a $500K home for cash? I was really addressing the first time buyer but wasn't very clear. Many sellers do have goobs of cash to do as you say

Dec 15, 2023 11:58 AM

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Afternoon Ed Silva, 203-206-0754

Massachusetts has an entity called MassHousing and they offer first-time buyer classes and lower down payments which help many

Dec 15, 2023 12:00 PM

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Afternoon Bob "RealMan" Timm

VA loans are a very good thing for veterans. I wish more veterans would consider them.

Dec 15, 2023 12:02 PM

Bob "RealMan" Timm

Minot, ND

Wayne Martin

Wayne M Martin - Oswego, IL

Real Estate Broker - Retired

Good afternoon Doug. Must say that the necessary first step is to find a loan officer throughly conversant in all of the alternatives. That allows a buyer to select what is best for them from those that work for them. Enjoy your day.

Dec 15, 2023 01:11 PM

Doug Dawes

Topsfield, MA

Dorie Dillard Austin TX

Coldwell Banker Realty ~ 512.750.6899 - Austin, TX

NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Doug,

Love the infographic. Good message to let first time home buyers know they have options!

Dec 15, 2023 03:41 PM

Doug Dawes

Topsfield, MA

Brian England

Ambrose Realty Management LLC - Gilbert, AZ

MBA, GRI, REALTOR® Real Estate in East Valley AZ

With people being able to get into homes with pretty much nothing down, it boggles my mind that everyone doesn't buy a home rather than continuing to rent, haha.

Dec 16, 2023 04:54 AM

Roy Kelley

Gaithersburg, MD
Doug Dawes

Topsfield, MA

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Morning Wayne Martin

That is a very important first step for a prudent buyer. Enjoy this weekend

Dec 16, 2023 05:14 AM

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Morning Dorie Dillard Austin TX

The free market offers many options that will fit most people, you are correct

Dec 16, 2023 05:16 AM

Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Good Morning Brian England

I don't know how rents are where you are in AZ. Here in Northeastern MA a two bedroom apartment can run as much as $3000/month Imagine coming up with 1st, last, & security just to get in. You'd think they could find some type of housing to purchase,

Dec 16, 2023 05:19 AM