PSA: That 20% down rule is outdated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?

2 comments

Log in to join the discussion

Log In

2 Comments

janaf915mo 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.

9

webb.christopher5mo ago

Are those 6% down buyers really saving enough to offset years of PMI payments though?

6