Home Purchase Down Payments
Should You Put 20% Down On Your New Home
You have heard it over and over “save up for a 20% down payment on your home”. It is so engrained in the national psyche that many people don’t even realize you have the option to buy a house with less than 20% down.
Well, not only are their options that allow qualifying people to potentially put 0% down on a house (VA/USDA), but nearly everyone has the option to put 3.5% down on a mortgage. We briefly covered all the options for you here:
. 🏡Buying Your First Home🏡
But you need to save 20% down 🤮
WRONG ...WRONG... WRONG
Here are 5+ Ways to put less than 20% Down so you can move into your home
However, just like we tell our kids, just because you can do something, doesn’t mean you should do something.
So should you put 3.5% down on a home or is 20% there for a reason?