You DO NOT Need to Put 20% Down When Buying a House
Jasmine is going to talk about a misconception today about home buying and how much you should put down. Jasmin had some clients ask her about this topic and they had the thought that they needed to put 20% down when they went to buy a house. The reason they thought this was because back in the day, that's what their parents did and so that's what their parents had told them that was what they were supposed to do. However, they didn't take into account that maybe when their parents purchased a house, house prices were much, much lower than they are now and interest rates were much, much higher.
The market was just completely different than what it is today. In today's day and age, first time home buyers or home buyers in general, definitely do not need to have 20% down in order to purchase a home.
There are many loans out there that will have you purchase a home with 3-5% down. Now if you have more, that's great, but if don't, you have these options and you even have some other options depending on if you qualify to purchase a home for 0% down.
If you have been feeling discouraged about this, know that there are a lot of options and Jasmin is here to help if you need it and she can get you in touch with a lender if you want to explore all the options that could work for you. If you have any questions don't hesitate to reach out!
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