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    New Survey Finds Misconceptions About Down Payments Keeping People From Purchasing Homes

    One of the main reasons people aren’t buying homes is they
    think they can’t afford it—especially the down payment. But, as it turns out,
    there are plenty of buyers out there who actually can afford to
    purchase a home,
    but their misconceptions about affordability are holding them
    back from making a move. According to a recent
    survey
     from lender Laurel Road, 53% of Americans are concerned about
    their ability to afford a home. But a lot of that concern is because they don’t
    know what their options are. A solid 58% of Americans surveyed said they
    planned to put down a 20% payment on a home, but 35% (and 46% of millennials)
    didn’t think they could afford to save that kind of down payment. But with
    alternative lending options, you don’t need 20% in order to buy a home!
    According to the National Association of Realtors, the median down-payment for
    first-time buyers is at 6%—significantly less than the 20% the majority of
    Americans believe they need in order to purchase a home.

     

    In addition, Rhode Island, Massachusetts, and Connecticut
    have programs to assist buyers that include 100% financing and down payment
    assistance programs.

    The Takeaway

    Your misconception about how much you need for a down payment could be holding you back from purchasing property. Explore the alternative loan options available to you and make your dream of owning a home a reality!
    We work everyday with lenders that help our clients achieve their dream of home ownership.
    Click Here to reach out to our Buyer Specialists, with any questions you may have on finding a Trusted lender!

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