As a Buyer, How Much Do you Need to Put Down as a Downpayment?

As a Buyer, You made the decision to start searching for your perfect home and make your homeownership dreams a reality, so as a buyer how much do you need as a downpayment? Hi, I am Krista Mashore with Homes by Krista and eXp Realty with some tips and myths on down payments and a few things you should know.   As you begin your home search one thing that may be top of mind is how much down payment do I need to save? 

Most buyers tend to think 20% down payment is needed to purchase a home, however that is not necessarily true. According to Freddie Mac, “Nearly a third of prospective homebuyers think they need a downpayment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.” Unless specified by your lender, 20% down is typically not required.  Many loan programs available today, like FHA loans which require only 3.5%, USDA and VA loans which require no down payment, are available for qualified applicants. In addition to loan programs, most buyers are unaware of all the different options available for down payment assistance. Most buyers think they need to be a first-time home buyer to qualify for assistance but that is not always true.  According to an article from “It is a common misconception that homebuyer assistance is only available to first time home buyers, however 38% of homebuyer assistance programs in Q1 2022 did not have a first time home buyer requirement.” This is great news for a buyer who now may be closer to owning a home than they realized. Of course, it is always best to consult the experts so they can show you all your options, debunk the myths and help you get closer to achieving your homeownership goal.

Please reach out to me to connect, so my team and I can help you get closer to that goal!!! In 2018 Krista Mashore sold over 22 Million dollars worth of Real Estate and is named in the Wall Street Journal within the Top 100 Agents Nationwide. Please see the article at The Wall Street Journal. To see Krista’s local recognition check out this link featured in the Brentwood Press

Krista’s expertise and professionalism is revealed not only in the 14 years in Real Estate but also by being within the top 1% of all Realtors in Contra Costa County continuously since 2002. Krista possess a Master’s Degree in Education, previously employed as a School Teacher. Her excellence derives from her outstanding communication, skills, expertise in marketing, and her optimistic attitude towards life in general. Pristine Customer Service to her clients is a top priority. Krista has a natural ability for developing trust by her client base.

Her attitude is characterized her slogan:
“When You Do What You Love, People Love What You Do”