Buyers Confess: The Hardest Part of Buying A Home – April 08, 2024

Video Transcript

In a recent study, 38% of millennial-aged
home buyers said saving for a downpayment was the most difficult part of buying a home. But should it be? When the majority of mortgages available today
allow for downpayments of up of just 3 percent percent or no percent if you’re a veteran
or active duty military or if you’re buying a home in a non-urban area, not a city, and
you earn within an average income, you too can get a no money down loan.

Buyers don’t need 20 percent down to buy the
first home. They haven’t for 50 years. Since the seventies.

But that thinking persists and it’s harmful
to buyers who save every last penny waiting for homes whose prices keep rising away from
them year after year. You don’t need to do that. Last year, the typical first time homebuyer
made a down payment of 6%.

That’s $6,000 for every $100,000 in the purchase
price. And if you want to, you can do something like
that too. Check out our main YouTube channel for more
mortgage information so you can stop renting and start owning sooner.

I’m Dan with Homebuyer.com. Happy homebuying.