This question comes up almost every week.

And the answer usually surprises people.

Many buyers believe they need 20% down to purchase a home.

In reality, many loan programs allow significantly less.

Depending on the loan type and buyer qualifications, down payment requirements may vary substantially.

However, buyers should also budget for:

• Earnest money
• Closing costs
• Moving expenses
• Initial repairs or maintenance
• Emergency savings

One of the biggest misconceptions in real estate is that buying a home requires a massive amount of cash.

Many buyers discover they're much closer to homeownership than they realized.

That's why I always encourage people to speak with a trusted lender early.

Knowledge creates options.

And options create confidence.

— Krista Hartmann