Many Buyers Put Less Than 10% Down
According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million people bought a home with down payments less than 10% over the past 12 months. This is great news for buyers as this marks a 7-year high.
Freddie Mac and Fannie Mae allow buyers to put as little as 3% down to purchase their dream home. The strength of the housing market has aided buyers who used low-down-payment programs to buy.
However…low down payment programs are not just great for first-time homebuyers. Any qualified buyer can make use of low downpayment programs.
Real Estate Bottom Line
Gone are the days when you absolutely needed to have a 20% down payment in order to purchase a home. Let’s meet up to evaluate your ability to buy your next home!