Wondering how much down payment you need to buy a home? The short answer is: it depends. Read on for the more detailed answer!
Right now, the average down payment is 11%, but that’s for both first-time and repeat home buyers. Repeat buyers tend to have more money for a down payment because they made money on the sale of their previous home.
For first-time buyers, the average is closer to 3-5%, thanks to programs that help support first-time buyers. For example, if you take out an FHA loan, you only have to put 3.5% down!