Down Payment in Mt. Holly Made Affordable for You

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Down Payment in Mt. Holly Made Affordable for You

Have you been thinking about owning a home in Mt. Holly? Are you unsure if you have enough saved for your down payment or are you confident in your budget? The following includes some important pieces of information you should know before you begin your house hunt.

Putting down a down payment for a Mt. Holly home in this market is quite different than it was in 2005 during the housing boom. This is good news for homebuyers, but it seems all of the talk about “tight credit” has people worried that they still won’t be able to afford their down payment. Luckily, this is a misconception, and the requirements to own a home may be more attainable than you might think.

A lot of first time homebuyers are confused about what is expected when it comes to down payments. Freddie Mac explains:

“Did you know that the average down payment among first–time homebuyers is 6% and it’s 13–14% for repeat buyers…It’s possible to put down even less. Many potential homebuyers think that only the FHA helps make mortgage loans with low down payments. Not true. Freddie Mac’s Home Possible mortgage products let qualified homebuyers put down as little as 3%.”

Down Payment, Mt. Holly Homes for Sale

In a report by Brenda Garcia Lemus of Burns Real Estate Consulting, Lemus also expresses concern regarding down payment misconception for newly constructed homes:

“Our home-builder clients sell hundreds of homes every weekend to buyers with 5% down payments and below average credit scores. Yet, many middle-income households with average credit and access to a 5% down payment assume they cannot become homeowners because of the ‘tight credit’ headlines.”

Bottom Line

Owning a home is much more attainable than people assume; If you are interested in owning a home in the Mt. Holly, NC area then now is the time!

Are you still renting? Feel free to connect with one of our helpful and knowledgeable real estate professional to assist you with your home buying journey. Call Showcase Realty now at 704.997.3794 or send us a message here!

To help you get started, take a look at our Mt. Holly homes for Sale. If you’re unsure about the home buying process, make sure to read the Top 11 Things to Know When Buying a Home to get a better idea of what’s ahead!

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Does the Idea of Buying a Home Scare Youhousing market, Mt.Holly homes for sale, Showcase Realty, NC Realtors