Nearly ¼ Of Homeowners Purchase Property With Less Than 5% Down

Dated: 07/01/2019

Views: 122

Nearly ¼ Of Homeowners Purchase Property With Less Than 5% Down

A lot of potential home buyers think that in order to successfully buy property they need to save up a sizeable down payment of 20% of the purchase price—and that until they have that down payment in the bank they can’t transition to homeownership.

But the “20% down payment myth” just isn’t true. Thanks to a variety of lending options, there are plenty of buyers out there purchasing property with far less than 20% down.

According to recent research from Zillow, 24.2% of buyers put down 5% or less when purchasing their homes. That’s nearly one in four buyers on the market!

The Takeaway

According to this data, it’s not only possible to purchase a home with a down payment of 5% or less, it’s also extremely common. So if you’ve been putting off buying a home until you have a 20% down payment in the bank, it might be time to rethink your strategy—and finally make your dream of homeownership a reality in 2019.

Blog author image

Lee Ferreira

I grew up in New Jersey and worked as a paralegal for a personal injury firm for over 8 years and then became a stay-at-home mom while raising my 2 daughters. I moved to Bethlehem, PA in 2003 and hav....

Latest Blog Posts

The Lifespan of 20 Essential Household Items

The Lifespan of 20 Essential Household ItemsHas your air conditioner ever failed on a hot summer day? It’s a struggle no homeowner wants to deal with. When you own a home it’s important

Read More

Nearly ¼ Of Homeowners Purchase Property With Less Than 5% Down

Nearly ¼ Of Homeowners Purchase Property With Less Than 5% DownA lot of potential home buyers think that in order to successfully buy property they need to save up a sizeable down payment of

Read More

Mortgage Rates Tumble In 2019—Making Now A Great Time To Buy

Mortgage Rates Tumble In 2019—Making Now A Great Time To BuyOne of the biggest factors for buyers in determining the right time to buy a home? Mortgage rates. Securing a low interest rate on

Read More

More Single Women Buying Real Estate

More Single Women Buying Real EstateTraditionally, many people thought buying a home came after other major life milestones—particularly marriage. And while this was a commonly held belief for

Read More