Saving for a down payment is often the biggest hurdles for a first-time homebuyer. There is a common misconception that homebuyers need to put down 20% as their down payment.

One thing to keep in mind is that it takes time to save money for a large downpayment and today's rapidly changing housing market this could mean higher home prices and rates. For many buyers it may be cheaper to opt for the 3% down payment option.

If you have questions about whether you should buy now or wait until you’ve saved a larger down payment, let’s get together to discuss our market’s conditions and help you make the best decision for you and your family.

*Below is a table showing the difference in monthly mortgage payment for a $250,000 home with a 3% down payment and PMI vs. a 20% down payment without PMI.