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First-Time Homebuyers

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.

Preparation is Key for First-Time Home Buyers

Buying your first home can be very intimidating, and a bit scary.  You want to make the best decisions about your future and be equipped with the knowledge to achieve your goals.

If you would like to buy a home within the next year, there are things you should be doing right now to prepare yourself. Tackling each challenge, one at a time, may get you there faster than you think!

First, you need to know approximately how much you will be spending on your new home.  Check out some homes on line in the areas where you want to live.  How much does a home cost that will work for your current and near future needs and expectations?  Don't expect to live in a house like your parents.  This will be your first house, so compromising on space and amenities will probably be necessary.  Remember, location . . . location . . . location, are the 3 most important factors when buying a home.  You can always change the home itself, but you can't change where it is located.  

Buying Your First Home?

Are you a first-time home buyer?  If so, you might not know where to start.  The first thing you need to know is how much home you can afford, and if you can get approved for a mortgage. Once you have these answers, you can start looking for the perfect home.

To learn about what to expect throughout the home-buying process, ask your REALTOR®, who can explain everything from start to finish and answer all your specific questions.  In the meantime, this short video is a quick way to get some good advice.