Renters Need Less Money For A Downpayment In 2021
Edgar DeJesus • February 11, 2021
We survey all of our clients during our initial consultation and the number one question our clients have is how much money do I need for down payment?
Today I wanna discuss the options available for renters who have been sitting on the fence and they’re uncertain on whether or not now is the time to buy because they feel they don’t have enough money for down payment.
The mortgage bankers association recently shared in 2021 they’re will be over a trillion dollars of financing that will be grabbed for new home purchases.
Right now the average renter is paying upwards of over $1300.00 for an apartment that is less than 1,000 square feet. Contrast that to buying a home that is worth around 200k and with mortgage rates at historic lows you’re about the same monthly payment or possibly less.
Here are the benefits with buying and vs renting.
- You’re going to have at least 50% more space when you own
- When you pay rent your interest is 100% no monies goes towards principal.
- When you own your home your interest in this market will be reduced by at least 95% or more.
- You’re exposed to annual rent increases vs having a fixed and set mortgage payment
- On your primary home purchase you will have a tax benefit that you don’t get when you rent.
- A sense of accomplishment in achieving what most consider to still be the American dream.
In today’s market your down payment can be as low as:
- 0% percent down for programs like VA And USDA.
- 3% -5% down payment for conventional loans
- 3.5% for FHA Loans.
My advice is don’t let not having down payment monies stop you from buying a home.
Learn more about your loan options
My name is Edgar DeJesus, I am a local licensed mortgage broker happy to help you know how much of a down payment you need,
(772) 444-6362.
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