By Melissa St. Aude | Casa Grande Dispatch
When Sandra and Ben Kasper bought their new home in November, they were prepared to make a substantial down payment.
“It took us about a year to save for a house before we even started looking,” Sandra said.
Once they found their dream house — one that was in a good neighborhood and included an office for Ben and a bedroom for each of their two boys — they learned that the traditional 20 percent down payment they had anticipated wasn’t needed.
“We didn’t have to put down a very large down payment,” Sandra said.
In today’s real estate market, Casa Grande homebuyers are finding that the once-standard 20 percent down payment on a house is a thing of the past.
“A qualified buyer can buy a house with no money down,” said Bill Bridwell of Golden Touch Realty.
For the average homebuyer, a down payment of between 3 and 5 percent is standard, Bridwell said. And with a typical house in Casa Grande selling
in the $130,000 to $140,000 range, Bridwell said some qualified homebuyers find their annual tax refund can be enough for a down payment on a new home.
“Because the market is oversupplied right now, a lot of sellers will help with closing costs, so most qualified buyers don’t need more than the 5 percent down,” he said.
Even though most homebuyers will have minimal down payment requirements, Donna Stadum, a Casa Grande real estate agent, said she still encourages buyers to save money and be prepared to put 3 to 5 percent down and cover closing costs, even if it’s not needed.
“Banks want to see money in the bank,” she said.
