The Myth of Putting Down 20% to Buy a Home in Tampa

You’ve heard it over and over, you need a 20% down payment to buy a home in the Tampa Bay area, but it’s just not true. It is a seemingly impossible task for renters to save up enough money to put down 20% on a home with the surprisingly high costs of renting.  It’s understandable that many renters just give up the dream of owning a home.

Perhaps you have been saving money, building good credit, and you have a stable job, but you don’t have enough for a 20% down payment. The reality is that home down payments are much, much lower than what the public thinks.

In the bay area, depending on the home, down payments range as low as 3.5% to 5%. This rate is a staggering contrast to the perception that the only way you can get a home is to put 20% down.

The national median down payment in 2018 was much lower than 20%; it was only 5%. This fact means if you are renting and have been saving for a 20% down payment that you could get a mortgage right away. 

Your income, credit score, and lack of debt would qualify you today!

Which means that you could put a down payment on a quality home right here in the Tampa Bay Area. The discipline you have shown in building your plan to acquire a mortgage will pay off for you.

With a little common sense and awareness, you too can own a home right here in Central Florida.

Fluxx Funding wants to help make your first mortgage a reality. If you are in the greater Tampa Bay Area call me at 863-220-6333 or email at [email protected].