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Compare that to repeat buyers, whose typical down payment in 2023 was 19 percent or $76,000 on a $400,000 home. Thirty-eight percent of first-time buyers reported to NAR that the down payment was ...
The median down payment on a home in the U.S. in Q1 2024 was $26,700 — about 8% of the median home purchase price at that time. ... Many first-time buyer programs come with reduced premiums.
Down payment grants. A down payment or first-time homebuyer grant is essentially free money to help you cover your down payment or closing costs. The grants are usually awarded to low- or moderate ...
But that’s not necessarily true, which is a good thing for cash-strapped buyers: For a $400,000 home, a 20 percent down payment would require $80,000 paid upfront.
Federal Housing Administration loans, which are popular with first-time buyers, have lower minimums: 500 with a 10 percent down payment, or 580 with a 3.5 percent down payment.
Current homeowners who specifically saved for the down payment and closing costs on their first home, according to Bankrate’s Down Payment Survey. Step-by-step first-time homebuyer guide Step 1 ...