How much of a down payment do you really need to buy a house?

Posted by Bonnie Martin Designated Broker on Wednesday, September 17th, 2014 at 7:35pm.

houseonmoney__voronin76_450homes.yahoo.com - Looking to get your foot in the door (of your new home)? If you’re a renter who’s tired of paying someone else’s mortgage, now may be the time to pursue the American dream of homeownership. In fact, the days of needing a 20% down payment are long gone. While you can always elect to put down the full 20% or more, there are now many alternatives available. Here’s what you want to know if buying a house is in your future.

 

In the mortgage industry, 20% down is considered the benchmark down payment for looking strong on paper as a home buyer. While this a general standard for financial strength, it is by no means a requirement, nor is it necessarily expected.

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