You Do Not Need 20 Percent Down To Purchase A Home In The Houston TX Market

Dated: February 5 2019

Views: 144

One More Time… You Do Not Need 20% Down to Buy a Home

One More Time... You Do Not Need 20% Down to Buy a Home | MyKCM

The largest obstacle renters face when planning to buy a home is saving for a down payment. This challenge is amplified by rising rents, which has eaten into the amount of money renters have leftover for savings each month after paying expenses.

In combination with higher rents, survey after survey has shown that non-homeowners (renters and those living rent-free with family or friends) believe they need to save upwards of 20% for their down payment!

According to the “Barriers to Accessing Homeownership” study commissioned in partnership between the Urban Institute, Down Payment Resource, and Freddie Mac, 39% of non-homeowners and 30% of those who already own a home believe they need more than a 20% down payment.

The percentage of those who are aware of low down payment programs (those under 5%) is surprisingly low at 12% for non-homeowners and 13% for homeowners.

In a recent Convergys Analytics report, they found that 49% of renters believe they need at least a 20% down payment.

The median down payment on loans approved in 2018 was only 5%! Those waiting until they have over 20% may already have enough saved to buy now!

There are over 45 million millennials (33%) who are mortgage ready right now, meaning their income, debt, and credit scores would all allow them to qualify for a mortgage today!

Bottom Line

If your five-year plan includes buying a home, let’s get together to determine what it will take to make that plan a reality. You may be closer to your dream than you realize!


Image title



Click Here...to view all homes for sale in The Houston TX area and surrounding cities. Best Priced Properties Team "Clients First" Russell and Melissa Banki REAL ESTATE EXPERTS Hite Properties Certified Negotiation Experts (CNE) Accredited Luxury Home Specialist (ALHS) Certified Home Selling Advisors (CHSA) Certified Home Buying Advisors (CHBA) Certified Expert Home Selling and Buying Advisors. Ask us about our Smart Home Buying and Selling Strategy. CALL OR TEXT. cel 713-480-0889 or 936-445-0216. As local real estate Montgomery County Real Estate Experts in The Woodlands, Spring,Shenandoah, Magnolia, Montgomery, Conroe and Greater North Houston/Houston TX Metro areas we can save you valuable time & money! Contact us today. We want to earn your business and help you achieve all of your real estate goals. It would be our pleasure to help you with all your residential/commercial buying, selling or investment needs. We believe our clients should feel confident and benefit from selling or purchasing real estate. Be sure and ask us about our buyer and seller promotions for Feb.

Blog author image

Russell Banki REALTOR® ALHS CNE

Russell Banki ALHS, CNE REALTOR Hite Properties Cell: 713-480-0889 Best Priced Properties Team Montgomery & Harris County TX Real Estate Experts Clients First!Treating the relationship with f....

Want to Advertise on this Site?

Latest Blog Posts

Hard To Find One In A Half Story Home In Crighton Woods In Conroe On Half Acre With Pool

JUST LISTED!! 13236 Misty Sage Drive Conroe, TX 77302HARD TO FIND 1.5 story home in well-manicured Crighton Woods community! This smart home is ideal for all ages! Situated on a private,,

Read More

Wishing You A Happy New Year

Russell and Melissa BankiBest Priced Properties TeamHelping our clients achieve all of their real estate goals!www.bestpricedproperties.comThinking of selling your home and curious about your home's

Read More

Merry Christmas

Russell and Melissa BankiBest Priced Properties TeamHelping our clients achieve all of their real estate goals!www.bestpricedproperties

Read More

Our Inner Loop Listing Sold For Fifty Thousand Above List Price

LISTED at $530K and SOLD for $580K!!We sold our Inner Loop listing for $50K above list price! Our selling clients had previously tried to sell their home for months through another agent with

Read More