Saving for a Down Payment? Here’s What You Need To Know.
If you're planning to buy your first home, then you're probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you’re intimidated by how much you need to save for that, it may be because you believe you must put 20% down. That doesn’t necessarily have to be the case. As the National Association of Realtors (NAR) notes:
“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.”
And a recent Freddie Mac survey finds:
“. . . nearly a third of prospective homebuyers think they need a down payment…
TEACHERS, FIREFIGHTERS, NURSES, & LAW ENFORCEMENT TO NAME A FEW HOMETOWN HEROS.
Homeownership triumphed during the 2022 Florida legislative session, which ended on March 14, 2022. Working closely with with state lawmakers, Florida Realtor successfully advocated for $362 million for housing programs. This amount also includes $100 million for the organization's 2022 priority, the Hometown Hero Housing Program.
The Hometown Hero Housing Program is a new revolving loan program for qualified Hometown Hero's. This loan reduces the upfront costs for these homebuyers by providing 0% interest loans to help with down payment and closing costs. The loan is repaid once the home is sold, rented or refinanced.
