January 25th, 2013 7:49 PM by Jill Kohler
The median down payment for all homebuyers in 2012 was 9%. Down payments have many benefits, they reduce the principal owed and they lower the interest paid over the life of the loan. It also helps improve the borrowers dti, debit-to- income ratio. First time buyers realize the hardest step in buying a home is saving for the down payment. First time homebuyers can apply for an FHA loan that only requires 3.50%. Veterans can qualify for no-down payment mortgages.
CLICK HERE FOR A FREE QUOTE