The average down payment amount on a home is dependent on the type of loan and cost of the home. The benchmark is 20% of the home value.
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A down payment on a home is a big action step to ensure you get the house you want, and the mortgage loan you want. Find out whether you need to follow the 20% percent rule or if you can get away.
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· Saving a down payment is a sign of good faith that you plan on making your loan payments and can afford them. If you need to borrow money for the down payment, that can be a major red flag to mortgage lenders.
Many people believe they need a 20 percent down payment to buy a house, but it’s possible to purchase even a brand-new house with as little as 3.5 percent down – or even nothing down at all. A 2016 survey conducted for Wells Fargo found that 40 percent of U.S. adults held the mistaken belief that a 20 percent down payment was required to buy a home, even though many types of loans allow.
The minimum down payment required for a conventional loan is 5%. Some special loan programs allow a 3.5% or even 0% down payment. But still, a 20% down payment is considered ideal when purchasing a home.
For many individuals, the size of the down payment required to purchase a property can dissuade them from making a second property acquisition. That being said, it is entirely possible to use a home equity line of credit to either subsidize or completely pay the down payment on a second home.
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