The reality?
Many buyers qualify with significantly less.
In fact, I regularly meet buyers who are surprised to learn they may already have enough saved to begin exploring their options.
The first step is understanding what costs are actually involved in purchasing a home.
Down Payment
Your down payment depends on the type of financing you choose.
Some common options include:
• Conventional loans with as little as 3% down
• FHA financing with 3.5% down
• VA loans with no down payment for eligible veterans
• Physician loan programs offering unique benefits for medical professionals
Every situation is different, which is why it's important to discuss financing options with a trusted lender.
Closing Costs
In addition to your down payment, you'll typically have closing costs associated with the transaction.
These may include:
• Lender fees
• Title and settlement costs
• Recording fees
• Escrow funding
• Prepaid taxes and insurance
The exact amount varies based on the purchase price and financing program.
Monthly Payment
While many buyers focus solely on the purchase price, I encourage clients to focus on monthly affordability.
A comfortable monthly payment often matters more than achieving a specific purchase price.
The Hidden Cost of Waiting
Many buyers spend years trying to save a larger down payment while home prices continue rising.
During that time, they may miss opportunities to build equity through homeownership.
Sometimes waiting can be more expensive than buying.
The Good News
There are more financing options available today than ever before.
Whether you're a first-time buyer, a veteran, relocating professional, physician, or move-up buyer, there may be programs available that fit your goals.
Before assuming homeownership is out of reach, let's discuss your situation and explore the options available to you.
You may be closer to buying a home than you think.
If you're considering purchasing in Wexford, Cranberry, Mars, Pine Township, or the surrounding North Hills communities, I'd be happy to connect you with trusted lending professionals and help you understand your options.
The first step toward homeownership is understanding what's possible.
Knowledge Is Power. Homeownership May Be Closer Than You Think.
— Aubre Stacknick
Global Real Estate Advisor
Piatt Sotheby's International Realty
