Breaking the 20% Down Payment Myth for Home Buyers

Ever thought you need a 20% down payment to buy your first home? Think again! David Lenoir, a seasoned real estate agent with Coldwell Banker Realty in the Greater Boston area, and Rick Waldron, a mortgage expert at Guaranteed Rate Affinity, debunk this common misconception in their latest video. They share insightful options that make homeownership more accessible than ever.

David highlights the unnecessary hurdle many first-time buyers face, believing they must save 20% for their down payment. Contrary to popular belief, the average first-time buyer only puts down about 9%. Rick introduces alternatives, such as low 3% down payments and various down payment assistance programs, some of which cater specifically to those looking to invest in multi-family properties. Even better, programs like Fannie Mae allow up to 95% financing on 2-4 unit properties, and FHA loans can go as low as 3.5% down.

If you're pondering how to afford your first home or invest in multi-family units, our latest video is a must-watch. Leave your questions below or reach out to us directly for personalized advice!

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