June 22, 2023
Generally, 20 percent is considered a standard down payment for a home. But just because 20 percent is the standard doesn’t mean that every homeowner puts 20 percent down when buying a home. There are many buyers out there that successfully purchase a home with less than a 20 percent down payment, as well as many buyers who choose (or are required) to put down more than 20 percent. Keep in mind, lower down payments are generally options for your primary residence as most second home or investment purchases can require more than 20% down.
But what, exactly, does that mean for your home purchase?
A recent article from realtor.com outlined things to know when your down payment is below, at, or above 20 percent, including:
It is important to work with a lender who has a proven track record of success in the area you are buying property. This is especially true in Mammoth Lakes. Preferred Lenders will take you to a few of these lenders.
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