HomeSuite Post 055

Click on the image below to download it. Share on the social media platform of your choice!

Suggested Post Copy:

Many people believe they must have a 20% down payment saved in order to buy their home. Though, it's possible you can put as low as 3% down!

The 20% down myth comes from the private mortgage insurance (PMI) standard. If you put less than 20% down at closing, you'll need private mortgage insurance, which protects the lender and mortgage investor if you default on your loan.

A 20% down payment will save you money over time, but it's not required to be able to buy a home. The average down payment in Michigan is 13%.*

*Source: Forbes, April 22, 2021 & Realtor.com https://loom.ly/gaoGEsg