Buy a Home in Orlando. You’ve heard it repeated again and again like a mantra; you need a 20% down payment to purchase a home in the Orlando area. You’ve heard it from relatives and supposed real estate experts in the media, but it’s just not true. Reading this, you probably are still in doubt; how could so many people be wrong. The 20% down myth is like an urban legend of finance. Once it is repeated enough, it takes on a life of its own.
Still not convinced? Consider this fact: it is a nearly impossible task for renters who have to pay for utilities, rent, gas, car maintenance, insurance, and groceries to save up enough to put down 20%. If a renter were to try and save that much with all their expenses, it would be an austere existence.
With the ever increasingly high costs of renting an apartment or townhouse, saving enough to put 20% down is just a pipe-dream. It’s understandable why many renters give up the dream of owning a home when they are presented with these gargantuan odds. Maybe you have been saving money, establishing good credit, and you have been at the same job for years, but you don’t have enough for a 20% down payment. It’s enough to make anyone give up on their dreams. The good news is that you can put down less than 20% on a home.
The reality is that home down payments are much, much lower than what the public thinks.
In the greater Central Florida area, depending on the home’s price, down-payments range from as little as 3.5% to 5%. You probably are having trouble accepting this, but it’s true. These rates are a staggering contrast to the myth that the only way you can buy a home is to put 20% down. Take as recently as 2018 for an example; the national median down payment was much lower than 20%; in fact, it was only 5%. What does that mean for you? It means if you are renting and have been saving for a 20% down payment that you can probably get a mortgage right now. Your steady income, good credit score, and lack of debt would qualify you today! It means that you could put a down payment on a quality home right here in the Orlando area. The discipline you have shown in building your plan to acquire a mortgage will pay off for you. With a little foresight and awareness, you can own a home right here in Central Florida.
Megan Dowdy Realty Can Help
If you are looking for a home and want to be sure it’s the right fit for you, we can help. Our helpful staff can discuss your wants and needs and match you with the right house. So, if you are ready to buy a home, call us today or fill out our easy online contact form. Someone will be in touch with you to set you on your way to your first home.