Realities and Myths of Owning a Home

Myth: You Need a Big Down Payment

1. Myth: You Need a Big Down Payment

One of the most common myths that looms over the homeownership decision is the idea that you need to come to the table with no less than 20% of the purchase price as a down payment. While that conventional rule of thumb may have been true a generation ago, buying a home in the current market does not require you to cough up 20% before getting the keys. For some borrowers, little to no down payment is necessary. However, that is heavily dependent on your overall financial picture and the market value of the home you plan to buy.

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