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The Average Cost To Buy A Home Is Less Than You Think!!
Dated: June 17 2020
Views: 152
Why The Average Cost To Buy a Home Is Less Than You Think!
Thinking you need a huge amount of cash on hand to purchase a home is one of the most common misconceptions in real estate. Most potential home buyers think they need at least 20% to buy a home, when in reality you may only need 3.5% or less. Here we will be outlining just a few of the many options available for buyers to save big on a down payment.
Pre-Approval
Getting pre-approved is a critical first step in the home buying process that many people overlook. Working with an experienced mortgage broker to determine your budget can be the best way to save the most now, and in the long run. Pre-approval is a free process available to buyers where all your options are weighed, and your mortgage broker helps shop for the best approved rates and plans that get you more home for less.
If you’re looking for a mortgage broker, we recommend Stephen Anderson with Nations Lending. With only 5 simple questions he can find out your budget and monthly payments! He's an experienced local broker that has helped many of our clients save huge on the home of their dreams. You can contact him at
Stephen.anderson@
FHA
When meeting with your mortgage broker, make sure to bring up the option of using FHA financing for your home. FHA is a loan insured by the Federal Housing Authority. If a home qualifies for FHA financing, you can receive a mortgage with as low as 3.5% down! There are requirements that both you, and the potential home you are purchasing must meet, but if they are met this can be a major way to get more house for less money upfront.
Local Home Buyer Programs
Many local municipalities will have programs available to make the purchase of a home in their area easier. These programs typically focus on down payment assistance, which can almost entirely wipe out your down payment, and in some instances not need to be paid back! To learn more about these and how to apply, be sure to consult with your mortgage broker.
More Information
For more information on how to start your home buying process, or if you have any other questions about real estate, please feel free to email us any time at meredith@thejohnsongroupfl.com
Meredith Johnson
Real Estate Professionals with over 25 years experience serving St. Petersburg and surrounding areas. Clients say: If you want something done, ask a busy realtor. The Johnson Group has successfully so....
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Updated on September 10, 2026 5:41 PM UTC
