Think you need to save 20% for your down payment? Think again.
In the real estate industry, a common myth among buyers is having to save 20% as a down payment in order to purchase a home. As a REALTOR, homeowner and former banker, I’m here to debunk this lending legend. TRUTH: there are (and have been) many mortgage products available that allow borrowers to put as little as 3.5% to 5% down on a home. Some may respond with, “Well, then I am going to have to deal with PMI payments.” While that notion is correct, let’s break down what it r