December 15th, 2017 8:03 AM by Jackie A. Graves
You're ready to buy a home, but the down payment seems like an
insurmountable hurdle. Don't throw in the towel yet. It might be easier than
Here are two important things to know.
You don't need a 20% down payment. The
need to put 20% down when buying a home is a common misconception — most people
pay less. In fact, according to the National Association of Realtors, the
average down payment among first–time homebuyers in 2016 was 6%, and 14% for
repeat buyers. Plus, options like our Home Possible® mortgages
allow qualified borrowers to put down as little as 3%.
Assistance is available.
Pulling together enough money for a down payment may be a challenge, but you
don't necessarily have to go it alone. Grants and second loans are just
two examples of the types of assistance programs that may be available to you.
programs have specific criteria you must meet, such as those targeted to
first–time homebuyers, and/or low– and moderate–income homebuyers. You may also
be required to take homeowner education counseling, which is always a good idea
and can help prepare you for long-term successful homeownership.
are available to help you explore available programs in your area. For example,
check out Down Payment Resources' handy online tool, or explore HUD's listing of
available programs by state.
find out more about buying a home, visit My Home® by Freddie Mac for useful
information, resources and tips on buying and owning.
By Freddie Mac – To view
the original article click here