Nearly Of Homeowners Purchase Property With Less Than 5 Down

Dated: August 15 2019

Views: 54

A lot of potential home buyers think that in order to successfully buy property they need to save up a sizeable down payment of 20% of the purchase price—and that until they have that down payment in the bank they can’t transition to homeownership.

But the “20% down payment myth” just isn’t true. Thanks to a variety of lending options, there are plenty of buyers out there purchasing property with far less than 20% down.

According to recent research from Zillow, 24.2% of buyers put down 5% or less when purchasing their homes. That’s nearly one in four buyers on the market!

The Takeaway

According to this data, it’s not only possible to purchase a home with a down payment of 5% or less, it’s also extremely common. So if you’ve been putting off buying a home until you have a 20% down payment in the bank, it might be time to rethink your strategy—and finally make your dream of homeownership a reality in 2019.

Blog author image

Kelly Combs

My name is Kelly Combs and I am a native of Fredericksburg, Va., born and bred. I grew up in the 80’s when Fredericksburg was a small rural town, and I had the joy of evolving from a child to an adu....

Latest Blog Posts

Good News

Some Highlights Whether you’re buying or selling – today’s housing market has plenty of good news to go around. Buyers can take advantage of today’s mortgage rates

Read More

Agent Is Key

Your Agent Is Key When Pricing Your House Some Highlights Pricing your house right takes market experience and expertise. To find the best list price, your agent balances current

Read More

Labor Day

Happy Labor Day!  Take this day to enjoy and do what makes you feel relaxed.  Looking to buy or sell?  Wondering about the real estate market?  Let's talk!Robin Cantrell,

Read More

Welcome September

Robin Cantrell, Realtor The Glover Team Inc.United Real Estate Premier, 540-845-7651 cell#540-374-1111 office#992 Bragg Rd., Suite A, Fredericksburg VA 22407Licensed in the Commonwealth of

Read More