Fears and Facts about buying your first home: Fear #3
A Keller Williams ® Realty Guide
By Gary Keller with Dave Jenks and Jay Papasan
Fear #3: I don’t have money for the down payment.
Fact: There are a wide variety of down payment options available for you.
While many people believe that making a home purchase requires a substantial down payment, as much as 20 percent, this is seldom true. As a first-time buyer, options are always available to you that require much less than this number, some as low as 5 percent, some even less. Don’t let the lack of substantial down payment prevent you from investigating your home-purchasing opportunities. There are many legitimate and sound financing options to choose from, and it only makes sense to investigate which one is right for you, your circumstances and your pocketbook. And, by the way, delaying your purchase while trying to save up for your down payment will mean delaying all the financial benefits of home ownership. In other words, we think waiting could actually cost you money.
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