If you’re gearing up to purchase your first home in Kansas City, you might be feeling overwhelmed by the prospect of saving for a down payment. The common belief that you need to have 20% of the home’s price stashed away can make the process seem daunting. However, the truth is that a hefty down payment isn’t always necessary.
Contrary to popular belief, many homebuyers opt for down payments that are much lower than 20%. In fact, the median down payment for all homebuyers today is just 15%, and for first-time homebuyers, it’s even lower at 8%. This means you may be closer to achieving your homeownership dreams than you think.
Moreover, there’s a wide range of resources available to assist you in reaching your down payment goal. With over 2,000 homebuyer assistance programs in the U.S., there are plenty of opportunities to receive financial support. Additionally, various loan options, such as FHA, VA, and USDA loans, offer down payment requirements as low as 3.5% or even zero for qualified applicants.
By consulting with a knowledgeable loan officer or broker, you can explore these resources and determine which ones you qualify for. Don’t let the misconception of needing a 20% down payment hold you back from pursuing homeownership. Waiting to save up the full amount may result in missing out on potential equity growth, as home prices are expected to continue appreciating over the coming years.
In summary, remember that a 20% down payment isn’t always required to buy a home. If you’re ready to take the leap into homeownership, don’t hesitate to reach out and start discussing your goals with a real estate professional. Let’s work together to turn your homeownership dreams into reality.
Author:
Chris Dowell, Dowell Family Team
Berkshire Hathaway HomeServices Alliance Real Estate
About the Author:
With over 30 years of experience, Chris Dowell is a seasoned professional in the Kansas City real estate scene. As a dedicated member of the Dowell Family Team at Berkshire Hathaway HomeServices Alliance Real Estate, Chris has been assisting Kansas Citians in buying, selling, and investing in real estate. Whether you’re looking to make a purchase, sell your property, or explore investment opportunities, Chris is here to guide you through the process.
Contact Chris:
Website: www.DowellFamilyTeam.com
Contact Information: https://solo.to/dowellfamilyteam
