What If Your Down Payment Was Only $500?

November 8, 2018

Homeownership and down payments aren’t a distant dream, despite what you may think. New Mexico has programs that could reduce your down payment to as low as $500!

According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners, but are able to as well. This is especially true where we live, with young professionals thinking that they should be able to get into a home, but choosing not to do so.

So, what’s holding these mortgage-ready millennials and others back from buying?

Myths About Down Payment Requirements! 

Most of the potential buyers surveyed for the study believe that they need at least a 15% down payment in order to buy a home when, in reality, the median down payment in the US in 2017 was just 5%, and many programs are available for even lower down payments!

The study goes on to point out that:

“Despite limited awareness, every state has programs that provide grants and loans to make homeownership more attainable, with average assistance in various states ranging from $2,436 to $21,171.”

Bottom Line

In New Mexico, the New Mexico Mortgage Finance Authority and local lenders are joining forces to create programs where qualified buyers with decent credit (not a perfect credit score, just decent) can get into homes for as little as $500 out of pocket. If you are one of the many potential buyers who have questions about their ability to buy in today’s market, give my team a call. We’ll connect you with a lender who can answer your questions and show you that owning a home is much simpler and easier than you ever thought!