Concerned About Saving for Your First Down Payment?

A big misconception among first-time home buyers is that you need a 20% down payment to purchase a home.

Several home loan programs now have minimum down payment options resulting in little to no money down. Most buyers are putting down 3-10% of the home’s purchase price.

According to Keeping Current Matters, “The median down payment for all buyers in 2017 was just 10% and that percentage drops to 6% for first-time buyers.”

The total cost of your financing decreases as your down payment increases, which is why it is advantageous to put up to 20% down on a home. However, there are circumstances when the lower down payment options make sense as well.

Your Loan Officer can help you determine how much down payment you really need. They can also explain how your down payment impacts your loan and monthly mortgage payments.

Contact your local GMFS Mortgage Loan Officer to help you to find the right home loan program for your unique situation, today!

Continue Watching: Anatomy of a Mortgage Payment