The Down Payment Lowdown

Passing the “good credit,” test and being deemed an acceptable candidate for homeownership is one of the major pieces of the puzzle. However, once you’ve crossed that hurdle, the down payment looms in question. Sure, you’ve been given the ‘okay,’ but how much should you put down? How much can you afford without setting your finances into a shock? On average, most homeowners target for a 20% down payment, but that percentage may not be the best fit for every homebuyer out there. This article outlines why 20% has been the standard and why it doesn’t have to be. Remember, if you’re working with a good real estate agent and mortgage banker, you should have several options available to you that can be made to work with your lifestyle and your bank account. Ask us – we’re happy to help!

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