[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f3fcn9ucq4ed6k":3,"$ffeh0925h8cuz":35,"$fbwk2pqjjqsc7":39},{"item":4,"previous":23,"next":29},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":21,"updatedAt":22},3789,"how-much-do-you-need-for-your-down-payment","How Much Do You Need for Your Down Payment?","As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment?","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F21164238\u002F20220103-KCM-Share.jpg","As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment?\u003C!--more-->\r\n\r\nIf you think you have to put 20% down, you may have set your goal based on a common misconception. \u003Cem>Freddie Mac\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fsf.freddiemac.com\u002Farticles\u002Finsights\u002Fdown-payments-helping-future-borrowers-bridge-the-awareness-gap\">says\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nUnless specified by your loan type or lender, \u003Cstrong>it’s typically not required to put 20% down\u003C\u002Fstrong>. According to the \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fresearch-and-statistics\u002Fresearch-reports\u002Fhighlights-from-the-profile-of-home-buyers-and-sellers\">\u003Cem>Profile of Home Buyers and Sellers\u003C\u002Fem>\u003C\u002Fa> from the \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR), the median down payment hasn’t been over 20% since 2005. It may sound surprising, but today, that number is only 13%. And it’s even lower for \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F12\u002F14\u002Fadvice-for-first-generation-homebuyers\u002F\">first-time\u003C\u002Fa> homebuyers, \u003Cstrong>whose median down payment is only 7%\u003C\u002Fstrong> \u003Cem>(see graph below)\u003C\u002Fem>:\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F21164240\u002F20220103-MEM-Eng-1.png\">\u003Cimg class=\"aligncenter wp-image-45766\" src=\"https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F21164240\u002F20220103-MEM-Eng-1.png\" alt=\"How Much Do You Need for Your Down Payment? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\u003Ch4>\u003Cstrong>What Does This Mean for You?\u003C\u002Fstrong>\u003C\u002Fh4>\r\nWhile a down payment of 20% or more does have \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F12\u002F22\u002Fthe-perks-of-putting-20-down-on-a-home\u002F\">benefits\u003C\u002Fa>, the typical buyer is putting far less down. That’s good news for you because it means you could be closer to your \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F12\u002F02\u002Ftips-for-single-homebuyers-how-to-make-your-dream-a-reality\u002F\">homebuying dream\u003C\u002Fa> than you realize.\r\n\r\nIf you’re interested in learning more about low down payment options, there are several places to go. There are programs for qualified buyers with down payments as low as 3.5%. There are also options like VA loans and USDA loans with no down payment requirements for qualified applicants.\r\n\r\nTo understand your options, you need to do your homework. If you’re interested in learning more about down payment assistance programs, information is available through sites like \u003Ca href=\"https:\u002F\u002Fdownpaymentresource.com\u002F\">\u003Cem>downpaymentresource.com\u003C\u002Fem>\u003C\u002Fa>. Be sure to also work with a \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F11\u002F26\u002Freasons-to-hire-a-real-estate-professional-infographic\u002F\">real estate advisor\u003C\u002Fa> from the start to learn what you may qualify for in the \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F11\u002F30\u002Fhome-is-where-the-heart-is-more-than-ever-this-year\u002F\">homebuying\u003C\u002Fa> process.\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nRemember: a 20% down payment isn’t always required. If you want to purchase a home this year, let’s connect to start the conversation and explore your down payment options.","\r\nRemember: a 20% down payment isn’t always required. If you want to purchase a home this year, let’s connect to start the conversation and explore your down payment options.","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F21164240\u002F20220103-MEM-Eng-1.png",false,[17],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers","2022-01-03T10:00:39Z","2022-11-16T17:02:18Z",{"id":24,"slug":25,"title":26,"featuredImage":27,"publishedAt":28,"contentType":10,"isVideo":15},3787,"heres-to-a-wonderful-2022","Here's to a Wonderful 2022!","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F21122819\u002F20211231-KCM-Share.png","2021-12-31T11:00:56Z",{"id":30,"slug":31,"title":32,"featuredImage":33,"publishedAt":34,"contentType":10,"isVideo":15},3788,"avoid-the-rental-trap-in-2022","Avoid the Rental Trap in 2022","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2021\u002F12\u002F21142050\u002F20220104-KCM-Share.jpg","2022-01-04T11:00:50Z",{"cover":36,"open":37,"shareSpread":38},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[40,44,45,49,53,57,61,65,69,73,77,81,85,89,93,97,101,105,109,113,117,121,125,129,133,137,141,145,149,153],{"id":41,"name":42,"slug":43},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":46,"name":47,"slug":48},6,"For Sellers","sellers",{"id":50,"name":51,"slug":52},7,"Foreclosures","foreclosures",{"id":54,"name":55,"slug":56},8,"Infographics","infographics",{"id":58,"name":59,"slug":60},9,"Home Prices","home-prices",{"id":62,"name":63,"slug":64},11,"First-Time Buyers","first-time-buyers",{"id":66,"name":67,"slug":68},34,"Senior Market","senior-market",{"id":70,"name":71,"slug":72},35,"Mortgage Rates","mortgage-rates",{"id":74,"name":75,"slug":76},38,"Move-Up","move-up",{"id":78,"name":79,"slug":80},41,"For Sale by Owner","for-sale-by-owner",{"id":82,"name":83,"slug":84},42,"Featured","featured",{"id":86,"name":87,"slug":88},45,"New Construction","new-construction",{"id":90,"name":91,"slug":92},52,"Luxury \u002F Vacation","luxury--vacation",{"id":94,"name":95,"slug":96},53,"Rent vs. Buy","rent-vs-buy",{"id":98,"name":99,"slug":100},80,"Time-sensitive","time-sensitive",{"id":102,"name":103,"slug":104},81,"Outdated","outdated",{"id":106,"name":107,"slug":108},147,"Internal","internal",{"id":110,"name":111,"slug":112},148,"Do Not Autopost","do-not-autopost",{"id":114,"name":115,"slug":116},320,"Inventory","inventory",{"id":118,"name":119,"slug":120},321,"Agent Value","agent-value",{"id":122,"name":123,"slug":124},322,"Affordability","affordability",{"id":126,"name":127,"slug":128},323,"Buying Tips","buying-tips",{"id":130,"name":131,"slug":132},324,"Downsize","downsize",{"id":134,"name":135,"slug":136},325,"Economy","economy",{"id":138,"name":139,"slug":140},326,"Equity","equity",{"id":142,"name":143,"slug":144},327,"Forecasts","forecasts",{"id":146,"name":147,"slug":148},328,"Selling Tips","selling-tips",{"id":150,"name":151,"slug":152},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":154,"name":155,"slug":156},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]