Figuring out how much your down payment will be and where it’ll come from is a big part of getting ready to buy a house. Whether you’re using money from the sale of your current home or saving from scratch, you have to have an idea of how much you’ll have available. Naturally, how much you’ll need depends on the specific house you’re hoping to buy and the terms of your loan. But what does the typical down payment look like these days?
Typical Down Payment Costs
Well, according to one recent analysis, the median down payment on single-family homes purchased in the fourth quarter of last year was $26,000. That’s up from the previous year, when it was $21,891, but actually 1 percent lower than in the third quarter. Whatever the case, buyers should know they have options. Though widely recommended, a 20 percent down payment isn’t required. In fact, most home buyers put down less. Last year, for example, the typical down payment for first-time buyers was 7 percent, while repeat buyers averaged a down payment of 17 percent. Click on the link for more information.
Here at A1 Mortgage, we know how important it is to choose the right house for you and your companion. We have the responsibility to provide you with the best products and the highest level of customer service possible. With hundreds of loan programs available, we tailor a loan specific to your mortgage needs. So come get pre-approved and start shopping for your dream home by clicking here!