103 - How Down Payments Work

Episode #103 gives you a close-up look at how down payments work. A National Association of Realtors survey in 2021 found that 29% of first-time homebuyers said the down payment was the most difficult step in the home buying process. Topics covered include: Why your down payment is important to you Why it’s important to your bank Why it’s okay if you aren’t able to put down 20% as a down payment What are the rules for using a financial gift from your family to help with your down payment What’s a good faith deposit and how does that work into your down payment A brief look at some of the first-time homebuyer programs available in California, which will be the deep dive we take in the upcoming Episode #104. Plus, some tips that might help you in your efforts to save money for your down payment Guest: Mike Shenkman, Real Estate & Mortgage Expert, lecturer in the Urban Studies and Planning Department at University of California, San Diego. Other Resources: DRE Website: https://dre.ca.gov/FirstHomeCalifornia