Anyone who has saved for a down payment for a home knows it’s tough — especially for first-time homebuyers. In 2018, the National Association of Realtors (NAR) found that 13 percent of first-time homebuyers said the most difficult step in the homebuying process was saving for a down payment.
It’s a misconception that a 20-percent down payment is required for a home purchase, when in reality, many home loan options exist that may be able to put consumers into a home for as little as three percent down. In fact, 77 percent of non-cash first-time homebuyers in 2018 purchased a property using a down payment of less than 20 percent. Buying a home may be within reach — RE/MAX and Motto Mortgage put together a list of the most popular loan options for first-time buyers.