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You are here: Home / Blog / Tips for Home Buyers

Do you have enough money saved for a down payment?

October 17, 2020

Do you have enough money saved for a down payment?

One of the biggest misconceptions for home buyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20 percent down to buy a house.

A recent survey by Point2Homes notes that 88 percent of buyers say “they have significantly less savings than the average national down payment amount, which is $62,600.”

Thankfully, neither 20 percent, nor $62,600., is not the amount every buyer needs for a down payment. There are many different options available. That amount can also be significantly less, depending on the purchase price of the house.

According to the National Association of Realtors (NAR), “The median existing-home price for all housing types in August was $310,600.” (These are the latest numbers available). NAR also indicates that:

“In 2019, the median down payment was 12 percent for all buyers, six percent for first-time buyers, and 16 percent for repeat buyers.” (See graph below):

2019 Median Percent Down Payment by U.S. Home Buyers:

2019 Median Percent Down Payment by U.S. Home Buyers

That means if a qualified home buyer purchases a home at today’s median price, $310,600, with a 6% down payment, in reality, the down payment only amounts to $18,636. That’s nowhere near $62,600.

Typically, qualified buyers can obtain a Conventional loan with as little as a 5 percent down payment, and in some cases, as low as 3 percent down. (Although those programs will require mortgage insurance.)

There are also programs like FHA Loans where the down payment can be as low as 3.5 percent, and other programs such as USDA and VA loans that waive down payment requirements.

Unfortunately, the lack of knowledge about the home buying process is keeping many motivated buyers on the sidelines. That’s why it’s important to contact a local real estate professional to understand the requirements in your local area if you want to buy a home. A trusted agent and your lender can guide you through the process.

Bottom Line: Be careful not to let myths about home buying keep you out of the housing market. Let’s connect to discuss your options today.

Filed Under: Tips for Home Buyers Tagged With: Closing Costs, Down Payment

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"Or home buying process took about 5 months and Russ was there for us the whole time. Never pushy always ready with advice and options. When we finally found the perfect place he was always on top of every detail and kept us informed and prepared for each step. Russ provides an extraordinary real estate experience for his clients. Professional, knowledgeable and ready to answer all our questions honestly and quickly. He was a joy to work with."
- D.H., Green Valley AZ
"From start to finish, Russ Fortuno was “a class act.” It started with his online Home Buyer’s Guide which was helpful to me, a first-time, out-of-state buyer. His new listing email notifications were timely and helped me get familiar with the Green Valley properties that fit my budget. Then when I was ready to buy, he represented me as a buyer’s agent. He professionally led me through the entire process with great knowledge of the available properties, as well as the subsequent offer and purchasing process. I found Russ to be very clear and direct. He went above and beyond what I expected. Even after the closing, he arranged the removal of some unwanted furniture and helped me identify cleaning and painting services in the area, something few other agents would do. I would highly recommend his services to anyone without reservation!"
- E.D., Green Valley, AZ
"Russ has handled a number of real estate transactions for us and we’ve been entirely satisfied with his ability to deal with every aspect in an efficient, resourceful manner. We have complete confidence in him. "
- D.M., Los Alamitos CA
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
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