One of the biggest hurdles homebuyers in the Tulsa Metro area can face is saving for a down payment. As you’re budgeting and planning for your home purchase, you’ll want to understand how much you’ll need to put down and how long it will take you to get there. The process may actually move faster than you think. Really talking to a reputable lender as soon as you think about buying a home in Tulsa, Oklahoma, Bixby Oklahoma 74008, Jenks Oklahoma 74037, Glenpool Oklahoma 74033, Kiefer Oklahoma 74041, Mounds Oklahoma 74047, or Sapulpa Oklahoma 74066 is the greatest favor you could do for yourself. A great lender will help you know exactly what you can afford, how much you need down, and what your monthly payments will be. There are actually programs in the Tulsa Metro area that allow borrows up to 5% down payment assistance even for those making over 100K a year. Reach out to me if you would like the name of some lenders my clients have used and had great success with.
Using data from the U.S. Department of Housing and Urban Development (HUD) and Apartment List, we can estimate how long it might take someone earning the median income and paying the median rent to save up for a down payment on a median-priced home. Since saving for a down payment can be a great time to practice budgeting for housing costs, this estimate also uses the concept that a household should not pay more than 28% of their total income on monthly housing expenses.
According to the data, the national average for the time it would take to save for a 10% down payment is right around two and a half years (2.53). Residents in Oklahoma can save for a 10% down payment in right under two years. But remember you don’t need 10% down to buy a home. The map below illustrates this time (in years) for each state:
What if you only need to save 3%?
What if you’re able to take advantage of one of the 3% down payment programs available? It’s a common misconception here in Tulsa, Oklahoma that you need a 20% down payment to buy a home, but there are actually more affordable options and down payment assistance programs available, especially for first-time buyers. There are even some great options with down payment assistance for middle class families who are not first time buyers. The reality is, saving for a 3% down payment may not take several years. In fact, you might be ready right now. If you didn’t use the down payment assistance option in Oklahoma you are looking at right under half a year to save for a 3% down payment, as shown in the map below:
Wherever you are in the process of saving for a down payment, you are probably closer to your dream home than you think. Let’s connect. Reach out to me Sabrina Shaw, at Homes by Sabrina brokered by RE/MAX T-Town to explore the down payment options available in the Tulsa Metro area (Tulsa, OKlahoma, Bixby Oklahoma 74008, Jenks Oklahoma 74037, Kiefer Oklahoma 74041, Glenpool Oklahoma 74033, Mounds Oklahoma 74047, and Sapulpa Oklahoma 74066) and how they support your plans.