How Much Should Buyers Put Down On A House?
By ERIN FLYNN JAY
If you are looking for a home and don’t have 20% to put down, you are not alone.
According to the National Association of Realtors, the typical down payment for first-time buyers is 8%. For repeat buyers, it’s 19%.
And for 38% of first-time buyers, saving for a down payment was the most difficult step in the process.
Sean Moss, EVP of product and operations at Down Payment Resource, says there is no one right answer to the question of how much money to put down when purchasing a home. It’s dependent on the buyer’s financial situation, as well as the loan type they plan to use.
“It’s a common misconception that 20% down is the…