The median household income in Denver is about $72,000 a year, according to Zillow’s estimates. A 20 percent down payment on an average-priced home — $352,800, according to Zillow — is about $70,000.
In other words, a standard home down payment is 97 percent of annual income. I’d guess that no amount of bringing your lunch from home is going help you save that much in a year.
But did you know there are loan programs that offer as little as 1-3% down! If you're a first time buyer, consider an FHA loan. Veterans, consider a VA loan. Both offer significant advantages for down payment - requiring much less than a conventional loan.
And, Jumbo buyers, there are many solutions for your lending needs as well. Use assets like your 401(k) or savings to qualify; down payments less than 80%; loans for self-employed borrowers.
I have a great network of mortgage providers that can assist you in your financing needs; don't let the HEADLINES fool you. Read the full article on denverite.com here.
