Real Estate Tip Tuesday # 1- How much do I need to save for my down payment on a home?
I’m excited to launch my newest blog and video series- “Real Estate Tip Tuesday” - where I’ll be answering audience questions about everything to do with Real Estate!
Today’s question comes from Harold (based in Torrance, CA). His question is a popular one: “How much does a prospective home buyer have to save for a down payment?”
That’s an excellent question because a lot of people mistakenly think that in order to purchase a home, you must save a whole 20% of the purchase price, and that’s simply not true! Many people successfully close escrow with 10% down, 5% down, or even 3% down for a conventional (owner-occupied) loan. In addition, there are many down payment assistance programs available specifically for first-time buyers out there (*must qualify based on income levels), so I would highly recommend researching this and take advantage of these grants available to help with your down payment.
So if you are thinking about buying a home,
Step 1: Please get in contact with a lender to explore the financial options available to you and begin your pre-approval process. My recommended lender is Onur Coskun (of South Bay Equity Lending in Redondo Beach(.
Step 2: After getting pre-approved, please contact me (or if out of area, I’d be happy to connect you with a local realtor in my sphere). I’d be thrilled to help you search for your perfect home! Whether you’re a first time buyer, savvy investor, or simply looking to transition to a new chapter of your life in a new home, I’d be happy to be your guide! Let’s make your real estate journey come to life!
Stay tuned for more Real Estate Tips! And if you have any questions about real estate, the market, or anything in between, please contact me!