![]() ![]() As she was saving $56,000 for a 20% down payment, Redding said she had to give herself pep talks. If it takes several years to save enough for a down payment, you might need to come up with ways to keep yourself motivated to reach your goal. You could save that amount in one year by putting aside $1,117.80 per month or in five years by saving only $223.56 each month. Using the median home sales price of $383,249 that was referenced earlier, a 3.5% down payment of $13,413.71 would be much more affordable, and you might be able to reach your savings goal more quickly. With an FHA loan issued by a lender approved by the Federal Housing Administration, homebuyers only need to make a 3.5% down payment. The average down payment on a home in 2021 was just 7% for first-time homebuyers and 17% for repeat buyers, according to a 2022 report by the National Association of Realtors. Even though that means you’ll pay PMI until you’ve paid off 20% of the principle of your house, sometimes it’s worth it to just get in the market before prices go up.” “I was grateful they told me not to wait until I had 20% down. “I had saved a good portion of a down payment for my first home and started talking to mortgage lenders,” Gowen said. If you’ve cut costs and boosted your income but still won’t be able to save enough for a 20% down payment, look into loans that require a smaller down payment. ![]()
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