- Thrive Mortgage Co.
MYTHS WITH THE MORTGAGE PUG: Do You Need 20% Down To Buy?
Updated: May 4, 2020
In today's video, we introduce a new series of videos titled 'Myths With The Mortgage Pug' where we break down specific myths that we are commonly asked.
We address the question, "How Come I Can't Buy With Less Than 20% Down?"
The answer to that question is simple, it is NO, you don't need 20% down to purchase.
There is a few common things we hear when it comes to putting 20% down. The first is "I'm purchasing my second property, I need to put 20% down." This is not the case, when it comes to buying a second property or a vacation home, you do not need to put 20% down.
We also hear "I need to be a first-time buyer to put less than 20% down." This is also untrue. In fact, if you are keeping your current home for rentals and buying a second home, you can put less than 20% down.
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