If you think you need 20% down to buy a home in Buffalo, you are not alone – and you are probably wrong. The median first-time buyer in our market puts down far less.
The real numbers
Conventional loans can go as low as 3% down for qualified buyers, FHA loans sit at 3.5%, and eligible veterans and rural-area buyers may qualify for zero-down programs. On a $250,000 home, that is the difference between $50,000 and $7,500 in cash.
The tradeoff
Putting less down means private mortgage insurance and a higher monthly payment – but it also means building equity sooner instead of waiting years to save. For many buyers, getting into a home now and refinancing later is the smarter play.
The right down payment is the one that fits your budget and your timeline. Let us run your real numbers – you may be closer to keys than you think.
