Segment 6 - Part 1-The Brenner Brief

Uh, let's start here.

If most first-time home buyers don't have 20% to put down-

Mm-hmm

... how much cash do they actually need? It probably depends on the type of loan, but run us through that.

It does.

So technically, you need zero-

Hmm

... depending on what we can put together for you.

But let me give you kind of just kind of the, you know, the framework so you have an idea.

So looking at recent stats, um, $27,100 is the average down payment-

Wow

... for a buyer right now.

But that is also down 9.2% from a year ago.

So people are putting down less money than they did last year, but they're still putting down quite a bit, right? That $27,100, and that can come from a variety of sources.

It may come from gift funds, from savings.

It, it, that's not just first-time buyers, so that could be that they're moving up and they have equity from their last home.

So there's a lot of ways that that $27,100 could be coming into play.

But that's the average of what people are putting down right now.

But, you know, we talked last time about the fact that there is down payment assistance, right?

Yep.

So technically, y- you may need close to zero.

I mean, I had a first-time home buyer earlier this year who, I think she only brought like 400 some odd dollars to closing, so-

Oh, wow

... you know, there are ways...

Yeah.

Uh, let's start here.

If most first-time home buyers don't have 20% to put down-

Mm-hmm

... how much cash do they actually need? It probably depends on the type of loan, but run us through that.

It does.

So technically, you need zero-

Hmm

... depending on what we can put together for you.

But let me give you kind of just kind of the, you know, the framework so you have an idea.

So looking at recent stats, um, $27,100 is the average down payment-

Wow

... for a buyer right now.

But that is also down 9.2% from a year ago.

So people are putting down less money than they did last year, but they're still putting down quite a bit, right? That $27,100, and that can come from a variety of sources.

It may come from gift funds, from savings.

It, it, that's not just first-time buyers, so that could be that they're moving up and they have equity from their last home.

So there's a lot of ways that that $27,100 could be coming into play.

But that's the average of what people are putting down right now.

But, you know, we talked last time about the fact that there is down payment assistance, right?

Yep.

So technically, y- you may need close to zero.

I mean, I had a first-time home buyer earlier this year who, I think she only brought like 400 some odd dollars to closing, so-

Oh, wow

... you know, there are ways...

Yeah.