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CENTURY 21 Alliance Realty Group's Blog

Congratulations to Century 21's New CEO!

Congratulations to our new CEO, Nick Bailey!  Looking forward to growing together!

Singles: Protect Yourself and Your Assets When Buying a Home

Open Door with KeyDid you know that nearly one-third of all homes sold last year were purchased by single persons?  Many single women and men are buying homes on their own. In fact, according to the National Association of Realtors® single women accounted for 21% of all home purchases last year, and single men accounted for approximately 10%.  

So if you are a single man or woman about to venture into owning a home on your own, there are some things you should make sure you have buttoned up to protect yourself and your assets.

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.