As a Home Buyer, How Much Do You Need to Put Down as a Down Payment?

Ready to buy your own home? As a buyer, how much do you actually need for a down payment?

Hi, I'm Tanja Odzak, Realtor with eXp Realty, helping people sell and buy homes right here in the East Bay for the last 10 years.

Most people assume 20% is required. It isn't. Freddie Mac has found nearly a third of prospective buyers believe they need 20% or more, one of the biggest perceived barriers to homeownership. Unless your specific lender requires it, 20% typically isn't necessary, in our area 5 to 10% is common for first-time buyers, and FHA loans can require as little as 3.5%, sometimes even for a duplex you plan to live in.

Down payment assistance programs are also more available than most buyers realize, and you don't always need to be a first-time buyer to qualify.

I'm Tanja Odzak, and I've sold over $100 million worth of homes with a decade of experience in the East Bay. Let's connect you with a lender who can show you your real options and debunk the myths standing between you and a purchase.