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The Low Down on Down Payments

"The key is to find the right blend of financing programs that suit the needs of the borrower and options for using existing funds to use for your down payment."

The average sale price of a home in North Andover over the last year was $478,255.  That means that the average 20% down payment on a home for families wishing to avoid was $96,651; a daunting figure indeed. Most first time home buyers will not be looking for a home in the average range, but on the lower end of the spectrum and many will be looking for programs that will allow for a smaller down payment.  

If a prospective homeowner were looking at a program offering a 5% down payment plan on the average sale price of a home here, the buyer would need to put down a little under $24,000. Your Realtor and your Mortgage Broker can help the savvy prospective homeowner find a way to make homeownership a reality by looking over current investments and homeowner programs available. The key is to find the right blend of financing programs that suit the needs of the borrower and options for using existing funds to use for your down payment.

Folks that will be looking toward homeownership in the next two to five years would be well served by talking to a financial professional about the best way to accumulate a down payment and an investment strategy that will assist making homeownership possible. There are programs available to qualified individuals that can help; talk to your Realtor to find out more.

I'm a general contractor and a real estate professional covering Essex County, and Middlesex and Suffolk counties working with homeowners, buyers and sellers alike. I have a background in construction and property management. Contact:  Phone 978-726-5062, email kroy@ghsre.com.

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