You’d be a homeowner right now if it weren’t for one thing: the down payment. Right? Even for those who have decent credit and make good money, the down payment is often the great homeownership killer.
For many others, who do have enough money set aside to make a substantial down payment, the question is: how much? Conventional wisdom – not to mention most of the banks and a good portion of homebuying and financial experts – will tell you that 20 percent is the standard bearer when it comes to down payments. But is it really necessary to put 20 percent down?
The short answer is: no.
Now for the long answer. Continue reading