How much should I put down on a house? [Video]

When you start thinking about home buying, the first thing many people think is, “How will I raise the 20% down payment?” Contrary to what you’ve heard, 20% down isn’t required. You have choices, even as low as 0%. So that begs the question, “How much should I put down on a house?”

Average down payments are smaller than you think

The average first-time home buyer does not put 20% down, or anything close to it.

According to the National Association of Realtors, 61% of new buyers in 2017 made a down payment between zero and six percent of the home price.

Government-sponsored loan programs such as the USDA home loan and FHA mortgage allow for very small down payments, even if you don’t have stellar credit.

Today’s market is advantageous for anyone who has not yet saved up a large down payment.

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