Many people today believe that in order to purchase a home, you need a 20 percent downpayment. Studies show it’s one of the most enduring home buying myths. In reality, the median downpayment among all home buyers is only about 10 percent. For first-time home buyers (comprising more than one third of all home buyers), the downpayment is significantly lower, in the 5 percent range. At Primary Residential Mortgage, we have low downpayment options to help families buy a home and start investing in their future.
In all, about 88 percent of home buyers finance their home purchases. Some other home financing facts: