With a median home sales price of $420,800, you'd need to save nearly $85,000 to make a 20% down payment, excluding closing costs. Financial experts often suggest 20% because conventional lenders require private mortgage insurance on lower amounts.
A larger down payment can reduce monthly payment amounts and potentially qualify you for a lower interest rate. That said, minimum down payment requirements are typically much lower than 20% and vary by loan type.
For first-time homebuyers, the journey may seem daunting with potential years required to save for a 20% down payment, but various loan programs offer much lower requirements.
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