The average down payment across the country for first-time homebuyers last year was six percent. The average down payment for folks who had a home to sell and were buying second or third or fourth homes was only 14 percent so even people who have equity to bring to the table aren’t paying 20 percent down in a lot of cases. There are many programs out there especially if you’re within certain income limits where you can buy a home for zero percent down. You can get grants which you never have to pay back to help with your closing costs and you can ask the seller to pay some of those other closing costs and wrap them into the price. There are many options and so I would encourage you as a first step if you don’t own a home but would like to, ask your friends and ask your realtor what local lenders they’ve had good experience with who’s worked really hard for them and then go talk to those people and see what your options are. I think you will be amazed by the possibilities that are within your reach.
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