How Much Money Do You Need To Put Down When Buying A House?
When you're thinking of buying a home, you'll often ask, "How Much Money Do You Need To Put Down When Buying A House?" Well I'm here to tell you that it's likely less than you think. In fact, it's much less. A standard, popular loan type (FHA) only requires 3.5% down. This might make the rest of this post somewhat anti-climatic, but it's such a pervasive myth that I thought it was worth debunking.
I recently got interviewed and this is the very question I got:
The standard down payment is 20 percent, but many people struggle to get there. Can you get by with less than 20 percent down?
To which my response was... Where'd you get that information? Standard loans have…