How much of a downpayment do you need to buy a home?
The long and short of it is that it depends on your situation, loan qualifications and loan type.
That being said, according to a NerdWallet Home Buyer Report, 62% of Americans believe you need to put 20% down on a house.
In reality? The census reported that currently thirty-two percent of Americans put down 5% or less when they purchase a house.
The NerdWallet Home Buyer Report had a lot of other interesting data to absorb in addition to the downpayment misconception.
They report that home buyers felt they were forced to make compromises on their must-have and wish list. First time homebuyers found competition to be generally fierce, and a number had to put offers on a few houses before getting the one they bought.
I do want to note that real estate is VERY local, so this report may not fit all areas. Even in the Baltimore real estate market, one neighborhood can be hot, while another nearby may not be selling as quickly.
To learn more about buying a home in Baltimore, please contact me. I can help you navigate through the Baltimore real estate market and share professionals to help you learn about the downpayment you may need!