A lot of potential home buyers think that in order to successfully buy property they need to save up a sizeable down payment of 20% of the purchase price—and that until they have that down payment in the bank they can’t transition to homeownership.
But the “20% down payment myth” just isn’t true. Thanks to a variety of lending options, there are plenty of buyers out there purchasing property with far less than 20% down.
According to recent research from Zillow, 24.2% of buyers put down 5% or less when purchasing their homes. That’s nearly one in four buyers on the market!
The Takeaway
According to this data, it’s not only possible to purchase a home with a down payment of 5% or less, it’s also extremely common. So if you’ve been putting off buying a home until you have a 20% down payment in the bank, it might be time to rethink your strategy—and finally make your dream of homeownership a reality in 2019.
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