3 Reasons Not to Buy a House Until You Have a 20% Down Payment
Image source: Getty Images.
While it doesn't influence our opinions of products, we may receive compensation from partners whose offers appear here. We're on your side, always. See our full advertiser disclosure here.
Many lenders make it easy to qualify for a mortgage to purchase a home even with a small down payment. But just because you can buy a home without putting much money down doesn't mean it's a good idea. In fact, the traditional recommendation is to put 20% down on your home. Following this old rule of thumb and waiting to buy until you've saved a full 20% of your home's price is often the best approach.
Source Fool.com
