YOU CAN SAVE FOR A DOWN PAYMENT FASTER THAN YOU THINK
In a study conducted by Builder.com, researchers determined that nationwide, it would take “nearly eight years” for a first-time buyer to save enough for a down payment on their dream home.
Depending on where you live, median rents, incomes and home prices all vary. By determining the percentage of income a renter spends on housing in each state, and the amount needed for a 10% down payment, they were able to establish how long (in years) it would take for an average resident to save.
According to the study, residents in Oklahoma are able to save for a down payment the in just a little over 5 years. Below is a map created using the data for each state:
What if you only needed to save 3%?
What if you were able to take advantage of one of the Freddie Mac or Fannie Mae 3% down programs? Suddenly saving for a down payment no longer takes 5 or 10 years, but becomes attainable in under two years in many states as shown in the map below.
You might be qualified for a popular federal program like FHA or VA (if you are a veteran). They require 3% or less downpayment. Plus there are other specialty loan programs – Native American, property rehab, grants, etc.
Whether you have just started to save for a down payment, or have been for years, you may be closer to your dream home than you think!
Give us a call and we be happy to help you evaluate your ability to buy today! We are looking forward to hearing from you.
Check the link below and start searching for homes in OKC Metro.
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And there you have it, my Dear Reader – YOU CAN SAVE FOR A DOWN PAYMENT FASTER THAN YOU THINK.
Contact me anytime with any of your real estate questions.
Looking forward to hearing from you …
They serve Oklahoma and OKC Metro: Yukon, Mustang, Bethany, Piedmont, Tuttle, Blanchard, Newcastle, Edmond, Oklahoma City, Moore and Midwest City.
Whether you plan to buy, sell or relocate to our beautiful State of Oklahoma we are here to offer professional service and consultation.