Down Payment Myths
1. You need 10-20% down payment - this simply is not true, in fact 60% of homeowners finance their home purchase with a 6% or less downpayment
2. Low downpayment programs are only for first-time homebuyers - low downpayment and downpayment assistance programs are available to many qualified homebuyers, even those buying their second, third or tenth home
3. It’s difficult to qualify for down payment assistance - there are assistance programs available for homebuyers with all levels of income, current renters or owners and buyers with diversity of credit scores
4. You cannot use gifts or grants for your down payment - Most programs will allow for gifts from family members or employers to help with the downpayment. They will also allow for grants and grant programs to contribute here as well.