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CENTURY 21 Alliance Realty Group's Blog

How Small Is The Median Down Payment For First-Time Buyers?

Although the median down payment for a home for first-time home buyers is 6%, many buyers secure mortgages for as low as a 3% down payment, and veterans qualifying for a VA loan can realize a zero down payment. 

So, for a $250,000 home, a buyer could conceivably invest less than $10,000 by having the seller pay for most of the closing costs. Some loan programs even permit the down payment to be a gift from a relative. The approximate monthly payment for a $250,000 home, with a 3% down payment, assuming a 30-year fixed mortgage with a rate at 4%, would be $1,150 per month. Add in taxes and homeowners insurance for the complete payment amount, which will vary per property.

Should You Buy A Duplex And Have A Renter Help Pay Your Mortgage?

It's very possible that the best first home for you may be a multi-family home.  Having a tenant to help pay your mortgage can really pay off.

A duplex is a single building with separate units and separate entrances.  You can live in one of the units and rent out the other. Being a first-time homebuyer and landlord can work well together, especially if you live on the same property as your tenants. As a new homeowner, you may be more flexible about your living arrangements, having lived in apartments, and perhaps are without too many other heavy responsibilities such as children.

Many first-time buyers who purchase a duplex and rent out the other unit are working to prepare themselves for the next property . . . perhaps a single-family home where they plan to start a family.  The plan may include keeping the duplex as an investment, renting both sides, and using the supplemental income to help with the next home purchase and begin building steady long-term wealth.

Century 21 Introduces Workplace on Facebook!

Century 21 introduces Workplace on Facebook, a great resource to keep Century 21 agents stronger, bolder & faster!  Check out the video.