Here is What You Should Know When Saving for a Down Payment

As you set out to buy a home in Grand Rapids or the West Michigan market, saving for a down payment is likely top of mind. But you may still have questions about the Grand Rapids home buying process, including how much to save and where to start.

If that sounds like you, your down payment for your Grand Rapids home could be more in reach than you originally thought. Here’s why.

The 20% Down Payment Myth

If you believe you have to put 20% down on a home, you may have based your goal on a common misconception. Freddie Mac explains:

“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”

Unless it’s specified by your loan type or lender, it’s typically not required to put 20% down. According to the latest Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. There are even loan types, like FHA loans, with down payments as low as 3.5%, as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants.

This is good news for you because it means you could be closer to your Grand Rapids dream home than you realize. For more information, turn to a trusted Grand Rapids lender.

Down Payment Assistance Programs Can Be a Game Changer

A professional will be able to show you other options that could help you get closer to your down payment goal. According to latest Homeownership Program Index from downpaymentresource.com, there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments.

A recent article explains why programs like these are helpful:

These resources can immediately build your home buying power and help you take action sooner than you thought possible.”

And if you’re wondering if you have to be a first-time buyer to qualify for these programs, that’s not always the case. According to an article from downpaymentresource.com:

“It is a common misconception that homebuyer assistance is only available to first-time homebuyers, however, 38% of homebuyer assistance programs in Q1 2022 did not have a first-time homebuyer requirement.

There are also location and profession-based programs you could qualify for as well.

Bottom Line

Saving for your down payment for your Grand Rapids home is an important first step on your Grand Rapids homebuying journey. Let’s connect today and make sure you have a trusted lender to help explore your options.

302 Properties
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$2,650,000
Neighborhood: Elmwood Beach
6
Beds
5
Baths
6,325
Sq.Ft.
2020
Year Built
7
Days on Site
22049533
MLS
Relax and enjoy Life in this custom 6 bedroom/5 bath lakefront home. Located on a cul-de-sac peninsula on Gun Lakes iconic Elmwood Beach Road with 150' of private lake frontage to call your own....
$1,200,000
Neighborhood: Georgetown Shores
5
Beds
3F11/2
Baths
4,676
Sq.Ft.
2013
Year Built
6
Days on Site
22049707
MLS
An absolute classic! This beauty sits with a long lake view of popular Georgetown Shores Lake. Enjoy all sports boating in the summer and hockey and skating in the winter! Gorgeous detail abounds...
3
Beds
2F11/2
Baths
2,672
Sq.Ft.
1963
Year Built
8
Days on Site
22049463
MLS
A rare opportunity: over 5 1/2 acres in the heart of Forest Hills. These three parcels tucked away at the end of a quiet street feature a solidly built, well-maintained brick ranch home, a stable, 3...
$829,900
Neighborhood: Georgetown Shores
5
Beds
3F11/2
Baths
4,106
Sq.Ft.
2014
Year Built
7
Days on Site
22049568
MLS
Opportunity to own a Georgetown Shores home on the west all-sports lake in excellent condition with many upgrades. This home has 102 ft of water frontage, a dock and extra garage in back to hold...
5
Beds
3F11/2
Baths
3,916
Sq.Ft.
1991
Year Built
7
Days on Site
22049587
MLS
The wait is over! This spacious home on 9 acres truly has it all, while completely move in ready! Walk in and experience your cathedral ceilings which boast an abundance of natural light! Throughout...
5
Beds
3F11/2
Baths
4,146
Sq.Ft.
2023
Year Built
6
Days on Site
22049779
MLS
With estimated completion by Feb/Mar, move right into this beautiful brand new Mckinley model by Bosgraaf Homes. No details spared! You'll be wowed by the bright 2-story great room with towering...
$750,000
Neighborhood: Macatawa Legends
6
Beds
3F11/2
Baths
4,034
Sq.Ft.
2017
Year Built
4
Days on Site
22049864
MLS
Welcome to this gorgeous southern style home in Macatawa Legends. A unique find located across from the 11th tee box, this home boasts beautiful bright spaces, a warm living room with dual sided...
$699,900
Neighborhood: Planters Ridge
4
Beds
2F11/2
Baths
2,288
Sq.Ft.
2022
Year Built
7
Days on Site
22049606
MLS
This lovely 2 story home is another beautiful Buffum home. 4 bedrooms, 2.5 bath, 3-stall garage. Open concept floor plan, kitchen wrapped in gorgeous cabinetry, quartz counter tops, hood vent, large...
$699,900
Neighborhood: Planters Ridge No. 3
4
Beds
2F11/2
Baths
2,464
Sq.Ft.
2022
Year Built
7
Days on Site
22049612
MLS
This lovely 2 story home is another beautiful Buffum home. A 4 bedroom 2.5 bath, 3-stall garage. Open concept floor plan, kitchen wrapped in gorgeous cabinetry, quartz counter tops, hood vent, large...
$699,900
Neighborhood: Wildwood Springs
3
Beds
2F11/2
Baths
3,574
Sq.Ft.
2006
Year Built
6
Days on Site
22049785
MLS
Welcome to 17858 Lost Pond Lane! This beautiful home is situated on a wooded cul-de-sac .64 acre lot and features 3,574 sq. ft. with an open floor plan, freshly painted and new carpet, a beautiful...
6
Beds
4
Baths
5,511
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2002
Year Built
7
Days on Site
22049553
MLS
Your own private sanctuary nestled on 12+ acres- including a 24x30 Pole Barn/Stable with 3 horse stalls & fenced corral! The interior boasts an open concept chef's kitchen w/stainless steel...
4
Beds
3F11/2
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2,384
Sq.Ft.
2023
Year Built
7
Days on Site
22049586
MLS
Proposed build by Indie Homes. This lot offers over an acre of land and is situated at the end of a cul de sac with beautiful wooded views. Enjoy a quiet and secluded feel while also being just...

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