I came across this New York Times article this morning in my Apple News feed. It piqued my interest as I spend much of my day talking to potential home buyers about mortgage options, down payments and interest rates. One of the greatest variables in the home buying process can be the amount of money available to use as a down payment.
The article does a great job summarizing some basic questions about down payment options and an even better job linking to various other articles that provide even more information for those seeking it. The main takeaways here are that a 20% down payment is not necessary when buying a new home and there are options available for putting as little as 3% down. The writer also highlights the fact that saving enough cash to put 20% down can take nearly 20 years and put a strain on your finances.
The best thing you can do when considering mortgage options is consult with an expert and determine which options are best for you, your family and your financial situation. This type of consultation is not something you can find on a Google search or with a spaceship mortgage. Let me know and I can help you make the right decision with your next home purchase.