Abby Badach Doyle

That is such a myth, Sean, that it's like the most popular home buying myth that we encounter on the team. So you don't need to put 20% down to buy a house. And actually, the median down payment for first-time homebuyers, according to the National Association of Realtors, is only 9%.

That is such a myth, Sean, that it's like the most popular home buying myth that we encounter on the team. So you don't need to put 20% down to buy a house. And actually, the median down payment for first-time homebuyers, according to the National Association of Realtors, is only 9%.

And even below that, some loans have a minimum of 3% for conventional loans, 3.5% is the minimum for FHA loans, and some loans like USDA and VA mortgages don't require a down payment at all. So definitely don't need 20% down to buy a house. To share a personal story, when we bought our house last year,

And even below that, some loans have a minimum of 3% for conventional loans, 3.5% is the minimum for FHA loans, and some loans like USDA and VA mortgages don't require a down payment at all. So definitely don't need 20% down to buy a house. To share a personal story, when we bought our house last year,

And even below that, some loans have a minimum of 3% for conventional loans, 3.5% is the minimum for FHA loans, and some loans like USDA and VA mortgages don't require a down payment at all. So definitely don't need 20% down to buy a house. To share a personal story, when we bought our house last year,

We expected to make a larger down payment, but we bought a house that we wanted to do some renovations right away. So we only put down 5% so that we would have more money in the bank for those renovations. So we tackled a minor kitchen remodel. We remediated some knob and tube wiring and having that cash in the bank was super helpful. So

We expected to make a larger down payment, but we bought a house that we wanted to do some renovations right away. So we only put down 5% so that we would have more money in the bank for those renovations. So we tackled a minor kitchen remodel. We remediated some knob and tube wiring and having that cash in the bank was super helpful. So

We expected to make a larger down payment, but we bought a house that we wanted to do some renovations right away. So we only put down 5% so that we would have more money in the bank for those renovations. So we tackled a minor kitchen remodel. We remediated some knob and tube wiring and having that cash in the bank was super helpful. So

The rule of thumb with down payments is larger down payment means a smaller monthly payment, but a smaller down payment leaves more cash in the bank for other stuff. So it's really about what's most comfortable for you.

The rule of thumb with down payments is larger down payment means a smaller monthly payment, but a smaller down payment leaves more cash in the bank for other stuff. So it's really about what's most comfortable for you.

The rule of thumb with down payments is larger down payment means a smaller monthly payment, but a smaller down payment leaves more cash in the bank for other stuff. So it's really about what's most comfortable for you.

For sure. And then you're in there, your foot's in the door, and you're building that equity.

For sure. And then you're in there, your foot's in the door, and you're building that equity.

For sure. And then you're in there, your foot's in the door, and you're building that equity.

PMI or private mortgage insurance is what protects the lender if you make a down payment less than 20%. So that is a real thing. But it's an additional fee that's tacked onto your loan, and it drops off once you hit that 20% equity. So your mortgage broker or your loan officer can help run the numbers at different down payment amounts.

PMI or private mortgage insurance is what protects the lender if you make a down payment less than 20%. So that is a real thing. But it's an additional fee that's tacked onto your loan, and it drops off once you hit that 20% equity. So your mortgage broker or your loan officer can help run the numbers at different down payment amounts.

PMI or private mortgage insurance is what protects the lender if you make a down payment less than 20%. So that is a real thing. But it's an additional fee that's tacked onto your loan, and it drops off once you hit that 20% equity. So your mortgage broker or your loan officer can help run the numbers at different down payment amounts.

so that you're able to understand how much PMI you would be paying and how that would impact your monthly payment.

so that you're able to understand how much PMI you would be paying and how that would impact your monthly payment.

so that you're able to understand how much PMI you would be paying and how that would impact your monthly payment.