Do You Really Need 20% Down Payment?

Do You Really Need 20% Down Payment?

Real estate broker Patrice Henderson and Mortgage Branch Manager Billy Slobin discuss important things homebuyers in Michigan should know about the down payment and down payment assistance programs.

Historically 20% of the purchase price was needed for a buyer to have as their down payment for a house but that is no longer the case. Buyers can purchase a home with 3% down and of course if they have a Veterans Affairs (VA) loan, there is a zero down payment.

Also, even with the lower down payment, there are down payment assistance programs for first time home buyers that need the assistance to purchase a home. This has made it much easier for home buyers to be ready to buy a home now instead of years later.

MSHDA is the most common down payment assistance program in Michigan that home buyers use to purchase their first home. You can learn more about MSHDA in the interview as well. Here’s their website.

This has been “Do You Really Need 20% Down Payment?” by Patrice Henderson of Designed Living Real Estate. Be sure to subscribe to her YouTube channels for all your real estate tips, home tours and advice.

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Check out more home seller tips and home buyer tips to learn more on the home selling process and home buying process as well and feel free to reach out to us should you have any questions or concerns or want us to help you with your real estate needs at (248) 780-2518 or submit a request here.