The biggest reason people claim for delaying purchasing their first home is having a down payment. Most people still think that they need to have 20% down before they can purchase a home. While having 20% down sure helps, it isn’t always necessary.
According to Realtor.com®’s research, the average down payment is actually 11%. This varies by circumstances such as if you are doing a jumbo loan, VA, FHA, or USDA loan. The last 3 types of loans average a down payment of 4.8 percent, 2.2 percent, and 0.4 percent respectively.
There are several programs available to help first- time home buyers get into their first home.
There are programs such as the Home Advantage DPA program and the HomeChoice program. The Home Advantage DPA program has a…