(False) News Alert - 20% Down Payment Required | HarrisonburgHousingToday.com :: Market Updates, Analysis and Commentary on Harrisonburg and Rockingham County Real Estate


(False) News Alert - 20% Down Payment Required
By Scott Rogers • April 14, 2008
If you read this past Friday's Daily News Record article entitled "National Trend Local, Too", you might think home buying is in your distant future. The article states: "Mortgage requirements have been tightened to about the same standards that were in place 10 years ago. That is, borrowers are required to put down 20 percent and prove that they are able to repay the loan." (Source: Daily News Record, April 11, 2008) Wait a minute! What was that?? A 20% down payment is now required to buy a home?? As much as some fear that we are headed in that direction, that is not at all the truth. While 100% financing is harder and harder to find, that is not an indication that a 20% down payment is now required on all purchases. There are quite a few programs that only require a 3% - 5% down payment. Now don't get me wrong, I'm not encouraging financing more of your purchase than is necessary --- if you have a 20% down payment, that's fantastic! However, don't be mislead by the Daily News Record article and think that you must now save up a 20% down payment before buying a home. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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