Having the money available to have a 20 percent down payment when you purchase a home would be great, but for most home buyers that is not possible, or is it necessary. A recent survey of aspiring home buyers, however, showed that there is a lot of miss-information out there about how much money is needed, and that is causing some to wait to purchase a home.
39 percent of non-owners surveyed say they believe that they need more than 20 percent for a down payment. 26 percent believe they need to put down 15-20 percent and 22 percent say they need a down payment of 10-14 percent. The average down payment on a purchase mortgage was just 11 percent in 2016, and that is just the average, often times down payments are much lower.