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PSA: That 20% down rule is outdated
I found out from a HUD report that the average first time buyer only puts down 6% now. Everyone keeps telling me I need 20% to avoid PMI but that stat changed my whole plan. Has anyone else actually gone in with less than 10% down?
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janaf9115d ago
20% down has been the standard for decades. The 6% stat is just the average because of FHA loans and other programs. Those people are paying PMI and higher rates.
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webb.christopher15d ago
Are those 6% down buyers really saving enough to offset years of PMI payments though?
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