WASHINGTON, Oct. 3, 2017 /PRNewswire/ -- Confusion and misconceptions surrounding down payment requirements may be one of the greatest barriers to homeownership. According to the National Association of REALTORS®' Aspiring Home Buyers Profile, 87 percent of non-homeowners believe a down payment of 10 percent or more is required to purchase a home. In reality, roughly 60 percent of homebuyers financed their purchase with a 6 percent or less down payment. NAR clears up this and several other myths regarding down payments.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.nar.realtor. This and other news releases are posted in the "News, Blogs and Videos" tab on the website.