If you read this past Friday's Daily News Record article entitled "
National Trend Local, Too", you might think home buying is in your distant future. The article states:
"Mortgage requirements have been tightened to about the same standards that were in place 10 years ago. That is, borrowers are required to put down 20 percent and prove that they are able to repay the loan." (Source:
Daily News Record, April 11, 2008)
Wait a minute! What was that?? A 20% down payment is now required to buy a home?? As much as some fear that we are headed in that direction, that is not at all the truth. While
100% financing is harder and harder to find, that is not an indication that a 20% down payment is now required on all purchases. There are quite a few programs that only require a 3% - 5% down payment.
Now don't get me wrong, I'm not encouraging financing more of your purchase than is necessary --- if you have a 20% down payment, that's fantastic! However, don't be mislead by the
Daily News Record article and think that you must now save up a 20% down payment before buying a home.
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