{"id":4639,"date":"2023-02-23T11:46:04","date_gmt":"2023-02-23T11:46:04","guid":{"rendered":"https:\/\/twolakeshomes.com\/how-to-make-your-dream-of-homeownership-a-reality\/"},"modified":"2023-02-23T11:46:04","modified_gmt":"2023-02-23T11:46:04","slug":"how-to-make-your-dream-of-homeownership-a-reality","status":"publish","type":"post","link":"https:\/\/twolakeshomes.com\/2023\/02\/how-to-make-your-dream-of-homeownership-a-reality\/","title":{"rendered":"How To Make Your Dream of Homeownership a Reality"},"content":{"rendered":"
According to a recent Harris Poll <\/em>survey, 8 in 10<\/a> Americans say buying a home is a priority, and 28 million Americans actually plan to buy within the next 12 months. Homeownership provides many financial and nonfinancial benefits<\/a>, so that interest is understandable.<\/p>\n\n However, it\u2019s unlikely all 28 million Americans will accomplish that goal in the coming year. Experts project<\/a> a total of around five million homes will be sold in 2023. Why is there such a big difference? It\u2019s partly because there can be challenges to buying a home.<\/p>\n\n In the same survey, when asked, \u201cWhich of the following are preventing you from pursuing homeownership at this time?\u201d<\/em>:<\/p>\n\n 34% answered, \u201cI don\u2019t have enough saved for a down payment<\/em>\u201d<\/p>\n 30% answered, \u201cMy credit score<\/em>\u201d<\/p>\n If you\u2019re aiming to buy a home, here\u2019s what you need to know to accomplish that goal.<\/p>\n\n Your down payment<\/a> is a big chunk of what you pay up front for your home. For most home purchases, buyers put down some amount of cash up front (a down payment) and then take out a loan (a mortgage) to pay for the rest.<\/p>\n\n It\u2019s a longstanding myth that you need to pay 20% of the purchase price for your down payment. In reality, 20% down isn\u2019t always required. In fact, according to the National Association of Realtors<\/em><\/a> (NAR), today\u2019s median down payment is 14% for the average buyer and just 6% for a first-time buyer.<\/p>\n\n Regardless of how much money you can save for your down payment<\/a>, know there\u2019s help available. A local lender can show you options<\/a> to help you get closer to your down payment goal. Plus, there are even loan types, like\u00a0FHA loans<\/a>, with down payments as low as 3.5% for some buyers, as well as options like\u00a0VA loans<\/a>\u00a0and USDA loans<\/a> with no down payment requirements for qualified applicants.<\/p>\n\n Beyond assistance programs and different loan types, here<\/a> are a few other tips to help you as you save for your down payment:<\/p>\n\nSave for Your Down Payment<\/strong><\/h4>\n