Thursday, June 24, 2021 / by Diane Breard
How Much Down Payment Do You Need for a House?
You can buy a house with less than 20% down, but other factors determine the exact down payment you need.
Before you start shopping for a home, you need to know what you can afford – and a big part of that depends on how much you can afford as a down payment.
But how much down payment do you need to be able to afford the house you want? The answer isn't the same for everyone, but key information can help you determine the right amount to save, the mortgage programs to explore and other resources to consider to help you buy the right home.
What's a Typical Down Payment Amount?
Beyond being able to buy a home with cash, many lenders and consumers view a 20% down payment with a 30-year, fixed-rate mortgage as ideal.
However, the typical U.S. homebuyer is putting far less money on the table at closing. The median down payment is 12%, according to the National Association of Realtors 2021 Home Buyer and Seller Generational Trends report. Broken out into age ...
Before you start shopping for a home, you need to know what you can afford – and a big part of that depends on how much you can afford as a down payment.
But how much down payment do you need to be able to afford the house you want? The answer isn't the same for everyone, but key information can help you determine the right amount to save, the mortgage programs to explore and other resources to consider to help you buy the right home.
What's a Typical Down Payment Amount?
Beyond being able to buy a home with cash, many lenders and consumers view a 20% down payment with a 30-year, fixed-rate mortgage as ideal.
However, the typical U.S. homebuyer is putting far less money on the table at closing. The median down payment is 12%, according to the National Association of Realtors 2021 Home Buyer and Seller Generational Trends report. Broken out into age ...
