True of False: You must put 20% down

One of my roles as a REALTOR is as an Educator. There are so many questions that people have about purchasing or selling their home. Do any of these questions sound familiar?

1. How much money do you need saved for a down payment? 

2. Does my property have to be listed on the market in order to buy my next house?

3. How long is the home buying process?

4. Does it cost anything to work with a buyer's agent? (Quick answer: No). 

5. Are interest rates good right now or should I wait?

6. Is my credit score good enough to qualify for a loan?

7. What percentage of the purchase price do I have to put down?

8. I work freelance - are there any loan programs for me?

If you are currently renting (which based on California statistics is approximately 6 million people), purchasing a home might be more in reach than you thought. In fact, 3 out of 4 or 73% of renters "believe a down payment of at least 20 percent is required to purchase a home"*.

My email subject line was:

True of False: You must put 20% down 

The answer is FALSE!  You can put less than 20% of the purchase price down to purchase. California Association of Realtors also found that 14 percent of California renters can afford to purchase the median priced home in the county where they live*. One in 7 people can afford to buy, but are not, in part because they think they have to have 20% or more to purchase.

These are great questions. You deserve to get your questions answered. I would love to answer all those questions and more. My job is to help people with the home buying and selling process. You shouldn't have to be the real estate expert and research your questions online. You already are an expert in your own domain - whether you are a teacher, cop, accountant, techie, social media manager, or small business owner - your job shouldn't be to figure out how to buy or sell your own house. I am here to help you. 

Call, text, email me anytime and we can sit down and go over your questions.

Dondino

Source:

https://www.car.org/en/aboutus/mediacenter/newsreleases/2019releases/qualifyingrenters