Down Payment Myths Debunked

Real Estate

Confusion and misconceptions surrounding down payment requirements may be one of the greatest barriers to homeownership. According to NAR's Aspiring Home Buyers Profile, 87 percent of non-homeowners believe a down payment of 10 percent or more is required to purchase a home. In reality, roughly 60 percent of home buyers financed their purchase with a 6 percent or less down payment. NAR clears up this and several other myths regarding down payments.