One of the biggest barriers to homeownership? Down payment misconceptions.
More than one-third of consumers in a recent survey by the National Association of Realtors said they believe they need a down payment of 16% to 20% of a home’s purchase price. One in every 10 consumers believes they need more than a 20% down payment to purchase a home! In reality, there are a variety of low-downpayment and even no-downpayment home loan options available for many buyers.
