A recent survey that I read states that 69% of potential first-time home buyers are of the opinion that they need 20% down payment. Actually most mortgages in this country are only requiring a down payment considered as less than 20%.
It’s common to get an FHA mortgage with only 3.5% down payment. Of course this requires that you guys some mortgage insurance. But don’t let the cost of mortgage insurance influence your decision too much, because when interest rates rise the extra mortgage payment due to the higher interest rate will overrun the cost of mortgage insurance.
So act now to get your slice of the American dream. Speak with a mortgage professional and find out what you actually need in the way of a down payment to get into your dream home.