If you're planning to buy your first home in Scottsdale, then you're probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you’re intimidated by how much you need to save for that Phoenix AZ home, it may be because you believe you must put 20% down. That doesn’t necessarily have to be the case. As the National Association of Realtors (NAR) notes:
“One of the biggest misconceptions among Scottsdale real estate housing consumers is what the typical down payment is and what amount is needed to enter homeownership.”
And a recent Freddie Mac survey finds:
“. . . nearly a third of prospective Phoenix AZ homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”
Here’s the good news. Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize.
According to NAR, the median down payment in Scottsdale hasn’t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 14%. And it’s even lower for first-time homebuyers at just 6% (see graph below):
We believe every family should feel confident when buying and selling a home in Scottsdale and Phoenix Arizona.
Contact me today to discuss your real estate, buying, or home selling goals. Call/Text: 480-639-7742
Our lenders have special financing for qualified homes and buyers to help you save potentially thousands of dollars on your mortgage loan resulting in saving money on every payment.
Charles Fratantoni | Realtor
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