{"id":1525,"date":"2022-10-11T01:26:29","date_gmt":"2022-10-11T01:26:29","guid":{"rendered":"https:\/\/www.prudentialcal.com\/?p=1525"},"modified":"2023-08-18T08:22:21","modified_gmt":"2023-08-18T08:22:21","slug":"how-much-do-you-need-for-your-down-payment","status":"publish","type":"post","link":"https:\/\/www.prudentialcal.com\/how-much-do-you-need-for-your-down-payment\/","title":{"rendered":"How Much Do You Need for Your Down Payment?"},"content":{"rendered":"\n

As you get started on the process of purchasing a home, you probably have had a game plan and are hard at work putting money away for the transaction. But are you aware of how much money is truly required for the down payment on the house?<\/p>\n\n\n\n

If you believe that you need to put down twenty percent of the purchase price, you may have based your aim on a widespread misunderstanding. Freddie Mac says:<\/p>\n\n\n\n

\"The misconception that a twenty percent down payment is required is the most harmful down payment myth since it halts the process of purchasing a house before it can even begin.\"<\/em><\/p>\n\n\n\n

Putting down 20% of the purchase price is not normally necessary unless otherwise stipulated by the type of loan or lender you work with. Since 2005, the National Association of Realtors (NAR)<\/a> Profile of Home Buyers and Sellers has shown that the median down payment has never been more than 20% of the home's purchase price. It might come as a surprise to hear this, but that percentage is now only 13%. <\/p>\n\n\n\n

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