I always thought a bigger down payment was the only goal, but our realtor in Austin showed us a different path.

My wife and I were saving for a 20% down payment, which would have taken us another two years. Our realtor, Sarah, asked if we had looked into first-time buyer programs. We found one that only needed 3% down and gave us a grant for closing costs. We closed on a house in April, and our payment is only $50 more a month than if we had waited. Has anyone else used a low down payment program and been happy they didn't wait?

2 comments

2 Comments

oliver81116d ago

Heard a podcast where they called waiting for 20% the biggest myth in real estate.

troy_knight9217d ago

My cousin in Phoenix did the same thing with an FHA loan. I mean, waiting for that perfect 20% feels like the rule, but it kept them renting for years.