[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f2gcwmxshd9tg2":3,"$ffeh0925h8cuz":42,"$fbwk2pqjjqsc7":46},{"item":4,"previous":30,"next":36},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":9,"isInfographic":14,"categories":15,"isVideo":14,"videoThumbnail":9,"videoSource":9,"publishedAt":28,"updatedAt":29},4322,"saving-for-a-down-payment-heres-what-you-should-know","Saving for a Down Payment? Here’s What You Should Know.","As you set out to \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F09\u002F30\u002Fwhy-buying-a-home-may-make-more-sense-than-renting-infographic\u002F\">buy a home\u003C\u002Fa>, saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F10\u002F05164451\u002F20221010-KCM-Share.jpg","As you set out to \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F09\u002F30\u002Fwhy-buying-a-home-may-make-more-sense-than-renting-infographic\u002F\">buy a home\u003C\u002Fa>, saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start.\u003C!--more-->\r\n\r\nIf that sounds like you, your down payment could be more in reach than you originally thought. Here’s why.\r\n\u003Ch4>\u003Cstrong>The 20% Down Payment Myth\u003C\u002Fstrong>\u003C\u002Fh4>\r\nIf you believe you have to put 20% down on a home, you may have based your goal on a common misconception. \u003Cem>Freddie Mac\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fmyhome.freddiemac.com\u002Fbuying\u002Fdown-payments-and-pmi\">explains\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. \u003Cstrong>This myth remains one of the largest perceived barriers to achieving homeownership\u003C\u002Fstrong>.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nUnless it’s specified by your loan type or lender, it’s typically not required to put 20% down. According to the latest \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. There are even loan types, like \u003Ca href=\"https:\u002F\u002Fwww.hud.gov\u002Fbuying\u002Floans\">FHA loans\u003C\u002Fa>, with down payments as low as 3.5%, as well as options like \u003Ca href=\"https:\u002F\u002Fwww.benefits.va.gov\u002Fhomeloans\u002Findex.asp\">VA loans\u003C\u002Fa> and \u003Ca href=\"https:\u002F\u002Fwww.rd.usda.gov\u002Fnewsroom\u002Fnews-release\u002Fusda-rural-home-loans-offer-100-financing-and-no-down-payment\">USDA loans\u003C\u002Fa> with no down payment requirements for qualified applicants.\r\n\r\nThis is good news for you because it means you could be closer to your homebuying dream than you realize. For more information, turn to a trusted lender.\r\n\u003Ch4>\u003Cstrong>Down Payment Assistance Programs Can Be a Game Changer\u003C\u002Fstrong>\u003C\u002Fh4>\r\nA professional will be able to show you other options that could help you get closer to your down payment goal. According to latest \u003Ca href=\"https:\u002F\u002Fdownpaymentresource.com\u002Fhomebuyer-resource\u002Fhomeownership-program-index-highlights-programs-for-community-heroes\u002F\">\u003Cem>Homeownership Program Index\u003C\u002Fem>\u003C\u002Fa> from \u003Cem>downpaymentresource.com\u003C\u002Fem>, there are over \u003Cstrong>2,000 homebuyer assistance programs in the U.S.\u003C\u002Fstrong>, and the majority are intended to help with down payments.\r\n\r\nA recent article \u003Ca href=\"https:\u002F\u002Fdownpaymentresource.com\u002Fhomebuyer-resource\u002F5-ways-you-can-benefit-from-down-payment-programs\u002F\">explains\u003C\u002Fa> why programs like these are helpful:\r\n\u003Cblockquote>\u003Cem>“\u003Cstrong>These resources can immediately build your home buying power and help you take action sooner than you thought possible\u003C\u002Fstrong>.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nAnd if you’re wondering if you have to be a \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F06\u002F29\u002Fhomeownership-could-be-in-reach-with-down-payment-assistance-programs\u002F\">first-time buyer\u003C\u002Fa> to qualify for these programs, that’s not always the case. According to an article from \u003Ca href=\"https:\u002F\u002Fdownpaymentresource.com\u002Fprofessional-resource\u002Fmore-homebuyer-assistance-programs-introduced-as-affordability-declines-in-most-u-s-counties\u002F\">\u003Cem>downpaymentresource.com\u003C\u002Fem>\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“It is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, \u003Cstrong>38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.\u003C\u002Fstrong>”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nThere are also location and profession-based programs you could qualify for as well.\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nSaving for your down payment is an important first step on your homebuying journey. Let’s connect today and make sure you have a trusted lender to help explore your options.","\r\nSaving for your down payment is an important first step on your homebuying journey. Let’s connect today and make sure you have a trusted lender to help explore your options.",false,[16,20,24],{"id":17,"name":18,"slug":19},5,"For Buyers","buyers",{"id":21,"name":22,"slug":23},11,"First-Time Buyers","first-time-buyers",{"id":25,"name":26,"slug":27},38,"Move-Up","move-up","2022-10-10T10:00:04Z","2023-02-03T15:33:47Z",{"id":31,"slug":32,"title":33,"featuredImage":34,"publishedAt":35,"contentType":10,"isVideo":14},4329,"the-journey-to-buy-a-home-infographic","The Journey To Buy a Home [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F10\u002F06110129\u002F20221007-KCM-Share.png","2022-10-07T10:00:40Z",{"id":37,"slug":38,"title":39,"featuredImage":40,"publishedAt":41,"contentType":10,"isVideo":14},4330,"what-are-experts-saying-about-the-fall-housing-market","What Are Experts Saying About the Fall Housing Market?","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F10\u002F07101524\u002F20221010-KCM-Share-1.jpg","2022-10-11T10:00:28Z",{"cover":43,"open":44,"shareSpread":45},"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",[47,51,52,56,60,64,68,69,73,77,78,82,86,90,94,98,102,106,110,114,118,122,126,130,134,138,142,146,150,154],{"id":48,"name":49,"slug":50},1,"Uncategorized","uncategorized",{"id":17,"name":18,"slug":19},{"id":53,"name":54,"slug":55},6,"For Sellers","sellers",{"id":57,"name":58,"slug":59},7,"Foreclosures","foreclosures",{"id":61,"name":62,"slug":63},8,"Infographics","infographics",{"id":65,"name":66,"slug":67},9,"Home Prices","home-prices",{"id":21,"name":22,"slug":23},{"id":70,"name":71,"slug":72},34,"Senior Market","senior-market",{"id":74,"name":75,"slug":76},35,"Mortgage Rates","mortgage-rates",{"id":25,"name":26,"slug":27},{"id":79,"name":80,"slug":81},41,"For Sale by Owner","for-sale-by-owner",{"id":83,"name":84,"slug":85},42,"Featured","featured",{"id":87,"name":88,"slug":89},45,"New Construction","new-construction",{"id":91,"name":92,"slug":93},52,"Luxury \u002F Vacation","luxury--vacation",{"id":95,"name":96,"slug":97},53,"Rent vs. Buy","rent-vs-buy",{"id":99,"name":100,"slug":101},80,"Time-sensitive","time-sensitive",{"id":103,"name":104,"slug":105},81,"Outdated","outdated",{"id":107,"name":108,"slug":109},147,"Internal","internal",{"id":111,"name":112,"slug":113},148,"Do Not Autopost","do-not-autopost",{"id":115,"name":116,"slug":117},320,"Inventory","inventory",{"id":119,"name":120,"slug":121},321,"Agent Value","agent-value",{"id":123,"name":124,"slug":125},322,"Affordability","affordability",{"id":127,"name":128,"slug":129},323,"Buying Tips","buying-tips",{"id":131,"name":132,"slug":133},324,"Downsize","downsize",{"id":135,"name":136,"slug":137},325,"Economy","economy",{"id":139,"name":140,"slug":141},326,"Equity","equity",{"id":143,"name":144,"slug":145},327,"Forecasts","forecasts",{"id":147,"name":148,"slug":149},328,"Selling Tips","selling-tips",{"id":151,"name":152,"slug":153},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":155,"name":156,"slug":157},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]