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One of the more difficult challenges to buying a home, whether you’re a first time home buyer or a tenth, is the amount of down payment required. Generally speaking first time home buyers are the ones who struggle the most with coming up with the down payment.
Recent studies have shown that most people overestimate the down payment that is needed to purchase a home. The survey conducted of renters and non-home-owners revealed that 39% of those surveyed believed that at least 15% of the purchase price would be required to buy a home.
Asked whether they felt they would qualify for a mortgage, only 28% said they believed they would qualify. Respondents in this survey were not verified as to whether or not they would qualify, but in other surveys upward of 70% of participants would in fact qualify.
The truth of the matter is that home buyers can purchase a home with as little as 3.5% down. Tennessee has a program that will enable first time home buyers who qualify to get a mortgage with zero down! Under the program a first time home buyer is someone who has not owned a home for three years or more. Certain restrictions apply.
If you are thinking of buying or selling, talk to a REALTOR who can give you the information you need to make an informed decision.
As always, if I can help with any of your real estate needs, please feel free to text or call me at 615-417-8182 or email me at RolandLow1@gmail.com.