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You hear it said often: If you want to buy a house, you must have 20% down. But it’s not exactly true.^† In today’s market, many banks will actually accept less than 20% for a Down Payment on a new home. In fact, according to the 2014 National Association of Realtors Profile of Home Buyers and Sellers (source link), the median down payment made by first-time homebuyers, purchasing their Primary Residence, was just 6%. While a 20% down payment is a great goal, and often allows you to get better Mortgage terms, it isn’t a mandatory—and it’s certainly not an easy goal to obtain.

Why do we constantly hear that magic number—20%? Well, without 20% you do need to factor in additional costs for Private Mortgage Insurance (PMI) or government insurance, which are usually financed by the Federal Housing Association.

So if you’ve been hesitant to move forward with a new home because you thought you needed a large amount saved away, you will be happy to know that there are options out there that don’t require a 20% down payment.

Talk to the professionals. 

The team at Pulte Mortgage has the experience in working with homebuyers from all walks of life, and they are committed to helping you every step of the way. Let them answer your questions about home ownership, and show you how your dream of buying a new home might not be as far away as you think. The team will work with you to help you decide the best financing options for your needs, so you can get into a home that you will love, with payments you can afford. Visit Pulte Mortgage