You Already Have A Down Payment! (part 1).
A recent NAR survey of more than 2,700 Americans showed that more than 80% of consumers across all ages, income brackets, and education levels believed a down payment of 10% percent or more was required to purchase a home. However, the average median down payment for a first-time buyer has been 5% percent for about 35 years according to NAR. That means people are excluding themselves from buying because they don’t think they have enough money to put down. And even if you can’t come up with 5%, part 2 will show you how to get the money you need through a down payment assistance program.