Stop Stressing: You Don’t Need a 20% Down Payment to Buy a Home
02/08/2022 Olson Tolan Team Many Americans may be unnecessarily talking themselves out of homeownership. Thirty-seven percent of non-homeowners say not having enough saved for a down payment is holding them back from homeownership, but 62% of Americans incorrectly believe you have to have at least 20% of a home’s purchase price to buy, according to NerdWallet’s 2020 Home Buyer Report. “These days, you don’t need to put a full 20% down on a home,” says NerdWallet home and mortgage expert Holden Lewis. “Lenders offer mortgages with far less — as little as 3% down — which allows far more people to get into homeownership sooner.” So, how do you know just how much you need to save up based on your specific goals? It requires a little strategizing. Before you can…