{"id":753,"date":"2022-01-31T14:00:00","date_gmt":"2022-01-31T22:00:00","guid":{"rendered":"https:\/\/www.flyhomes.com\/blog\/?p=753"},"modified":"2022-05-26T11:33:28","modified_gmt":"2022-05-26T18:33:28","slug":"20-percent","status":"publish","type":"post","link":"https:\/\/flyhomes.com\/blog\/20-percent\/","title":{"rendered":"How to buy a home without a 20% down payment"},"content":{"rendered":"\n

It\u2019s a myth that you need a 20% down payment to buy a home no matter what. The market is changing fast and the rules around how to buy a home and secure funding are changing with it. <\/p>\n\n\n\n

Most loan programs<\/a> available today allow for lower down payments. In 2018, 52% of buyers put down less than 20%<\/a>.<\/p>\n\n\n\n

Of course, there are good reasons to make at least a 20% down payment\u2014if you can do so comfortably. It will reduce how much you\u2019ll be borrowing, so your monthly payments will be lower, and smaller monthly payments make it easier to qualify for a mortgage in the first place.<\/p>\n\n\n\n

In this article<\/strong>, we\u2019ll discuss when and why it became standard to provide a 20% down payment, plus how to avoid paying so much without sacrificing your homebuying goals. <\/p>\n\n\n\n

First, let\u2019s discuss what a down payment is and how it works. <\/p>\n\n\n\n

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In this article<\/p>\n