How Long Do You Need To Save For A Down payment?
It could take the average buyer seven or more years to save for a down payment in the current market; if they currently do not have a savings. Starter home prices continue to grow at a much faster rate than renter incomes.
Prices in todays housing market are rising at record rates. But there is good news, mortgage rates are low and conventional mortgages allow 3 to 5% down! First-time homebuyers can also take advantage of programs that offer down payment assistance. The three factor effect of lower rates, lower down payments, and the possibility of additional funds to help with closing cost; could be more than enough for savvy buyers to get the ball rolling to home ownership.