As you set out on your homebuying journey, you likely have a plan in place, and you’re working on saving for your purchase. But do you know how much you actually need for your down payment?
If you think you have to put 20% down, you may have set your goal based on a common misconception. Freddie Macsays:
“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”
Unless specified by your loan type or lender, it’s typically not required to put 20% down. According to the Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. It may sound surprising, but today, that number is only 13%. And it’s even lower for first-time homebuyers, whose median down payment is only 7%(see graph below):
What Does This Mean for You?
While a down payment of 20% or more does have benefits, the typical buyer is putting far less down. That’s good news for you because it means you could be closer to your homebuying dream than you realize.
If you’re interested in learning more about low down payment options, there are several places to go. There are programs for qualified buyers with down payments as low as 3.5%. There are also options like VA loans and USDA loans with no down payment requirements for qualified applicants.
To understand your options, you need to do your homework. If you’re interested in learning more about down payment assistance programs, information is available through sites like downpaymentresource.com. Be sure to also work with a real estate advisor from the start to learn what you may qualify for in the homebuying process.
Bottom Line
Remember: a 20% down payment isn’t always required. If you want to purchase a home this year, let’s connect to start the conversation and explore your down payment options.
You don’t have to be a full-blown history buff to appreciate a long-standing destination. The Motor City and its surrounding communities are chock full of unique and historical locales, whether you’re eager to learn about music, art, the automotive industry, indigenous people, or something in between. As you plan for future outings, one of the oldest places in Detroit certainly deserves a spot on your itinerary. There’s something here to fascinate each and every visitor.
Historic Fort Wayne is located along West Jefferson Avenue in Detroit, just a stone’s throw from the river.
While some Detroiters have undoubtedly checked out this spot, it remains relatively underrated among city attractions. For those who want to explore a fascinating slice of local history, there’s no better option.
Fort Wayne was not the first fort to call Detroit home – in fact, a 1701 fort was constructed by the French at the site of modern-day Hart Plaza. It is, however, the primary remaining site of its kind that offers tours.
The history of the land at Fort Wayne dates back far beyond its 19th century construction. In fact, indigenous burial grounds and other unique artifacts have been excavated throughout the fort’s immediate vicinity.
The land also served as an important location during the War of 1812, as the conflict’s very first shots rang out on-site. It wasn’t until 1842 that the Army kicked off official construction efforts at Fort Wayne.
During the Civil War, the fort primarily served as a station for mustering (gathering) Michigan troops. In the generations to follow, it even housed suspected communists who were charged amid the Red Scare.
Today, the fort is open seasonally for tours and exploration. Guests will have the chance to check out fascinating 1848 barracks, officer’s quarters, guardhouses, and even indigenous burial grounds.
Whether you’re obsessed with Detroit history or simply searching for an educational outing to appreciate with the whole family, add Historic Fort Wayne to your list. You’ll be fascinated in no time at all.
For additional information about this impressive site, click here. Have you checked out this or another one of the oldest places in Detroit? We want to hear from you, so share your thoughts with us in the Facebook comments. If you want to recommend another awesome Motor City destination, click here to fill out our official nomination form.
There’s nothing more wonderful than trying a new restaurant, whether you’re searching for a specific flavor profile or simply seeking an adventurous meal. Luckily for those of us who call the Great Lakes State home, eateries abound around every bend – from long-standing family establishments to inventive new cafes. As you plot out your next culinary excursion, keep these 12 bucket-list restaurants in Michigan in mind: one for every month of the year.
When temperatures are chilly, there’s something special about cozying up in a warm and welcoming restaurant with a rich history. You’ll find all this and more at the White Horse Inn, which sits in the heart of downtown Metamora and dates back to the mid-1800s. This former stagecoach shop is especially magical during the winter months, but it delivers deliciousness all year round. Favorite dishes include honey plum salmon, perfectly prepared steak, and warm bread pudding.
February might just be the most romantic month of the year, so we’d be remiss not to highlight one of the most romance-friendly restaurants in the state. The Whitney in Detroit boasts an elegant atmosphere within a former lumber baron’s house and perfectly combines stately touches with fine fare and beauty. Whether you visit for a typical date night or a Valentine’s Day outing, you’ll have the chance to appreciate a four-course dining experience among unforgettable surroundings.
Ready to celebrate St. Patrick’s Day? You don’t have to limit yourself to a few glasses of Guinness at home when the holiday rolls around. Instead, venture to the lakeside city of Holland for a mouthwatering meal and plenty of adult beverages at the Curragh, which embraces its Irish pub theme with an extra dash of class. From traditional Irish breakfasts to shepherd’s pie and Irish stew, there’s something here for everyone.
April signals the earliest hints of springtime, so you might just want to venture out for a journey to the scenic Traverse City area. During your adventure, carve out time to dine at Apache Trout Grill, which features dining along the bay and a rustic yet elevated vibe. Whether you’re digging into fresh fish, a burger, or fantastic french onion soup, you’ll surely want to return to this lodge-inspired gem.
Farm-to-table dining is at its very best at The Farm, a Port Austin eatery that prides itself on using locally sourced ingredients and fresh produce. With its farmhouse setting and laid-back country atmosphere, The Farm is a satisfying and dreamy destination for those who appreciate a rotating menu, thoroughly home-cooked meals, and some of the friendliest service around. Talk about a perfect May day trip.
As summer kicks into full gear, you’ll find yourself wanting to be closer to Michigan’s shorelines: it’s simply in our blood here in the Great Lakes State. Fulfill this desire while satisfying hunger pangs at Blu, a gorgeous Glen Arbor restaurant that provides diners with glimpses of Sleeping Bear Bay and even the beautiful Manitou Islands, which sit among the vibrant blue water. After a long day of exploring the nearby dunes, we can’t imagine a more gorgeous place to unwind with a glass of wine and fine fare.
Summer is the best time to check out Michigan’s marvelous Upper Peninsula, as roads are more easily traversable and natural attractions are accessible in all their glory. In July, make your way northward to the stunning Keweenaw Peninsula, which houses the lovely Harbor Haus Restaurant. This spot remains open annually between May and October and offers unbeatable views of Lake Superior. When paired with its seafood-rich menu and great service, there’s nothing not to love.
Indulge in a bit of Southern-inspired charm when you dine at the aptly named Southerner, which sits in the tiny community of Saugatuck and brings together tourists and locals alike with its mouthwatering menu selections. While fried chicken is a popular option here, other favorites include po’ boy sandwiches, pulled pork, and an assortment of delicious cocktails. While you’re dining, take time to gaze out at the Kalamazoo River, which passes through the eatery’s backyard.
Looking for a magical way to appreciate the autumn months? Make your way to Mackinac Island and opt for dinner at Woods Restaurant, a one-of-a-kind destination that can be reached by horse-drawn carriage from the iconic Grand Hotel. As its name implies, this eatery sits among wooded splendor and serves a little something for everyone, whether you’re craving duck, steak, a fresh salad, or something else entirely. The fairytale-like atmosphere here is enough to make it a new family favorite.
Head to the little-known community of Curtis for a visit to Chamberlin’s Ole Forest Inn, a restaurant that sits within a history-rich bed and breakfast. When you choose to dine or spend the night here, you’ll appreciate views of Big Manistique Lake from atop a beautiful bluff and enjoy a sense of welcoming that’s almost impossible to replicate elsewhere. When fall colors blossom, the property is extra stunning – so why don’t you book an overnight stay and settle in after your meal?
Many of us appreciate Thanksgiving dinner with our loved ones in November, but one restaurant offers turkey-centric deliciousness all year long. If you can’t get enough Thanksgiving fare, venture to Turkey Roost in Kawkawlin for daily helpings of turkey, mashed potatoes, gravy, biscuits, fresh veggies, coleslaw, cranberry sauce, and so much more. It’s easy to understand why this spot has been in operation since 1955, as its quirky charm keeps diners returning time and time again.
With the arrival of the holiday season, the Holly Hotel is a perfect dining destination. The entire town of Holly is ripe with holiday charm throughout the year – after all, there’s cheer built right into its name! The Holly Hotel, which now operates as a restaurant instead of a lodging space, has been around for more than a century and offers particular ambiance in the winter months when its porch is dotted with garland and lights. Throw in tasty food, awesome drinks, and perhaps a few ghost stories… and you’ve got the recipe for an unforgettable December meal.
Have you been lucky enough to dine at any of these bucket-list restaurants in Michigan? Did one of your favorite eateries make our list – or get left off? We’re always happy to hear from you, so share your thoughts by leaving a Facebook comment. If you have a recommendation to make, let us know by completing our official nomination form here.
