What You Really Need To Know About Down Payments

If you’ve been holding off on buying a home because you think you need to save up a 20% down payment, you’re not alone. This is one of the most common myths in real estate today. While putting 20% down can help you avoid private mortgage insurance (PMI) and may strengthen your offer in a competitive market, it is not a requirement.

In fact, many buyers, especially first-time homebuyers, put down far less. FHA loans, for example, only require a 3.5% down payment, and conventional loans can allow as little as 3% down for qualified buyers. VA and USDA loans may even offer zero-down options for eligible borrowers.

If saving for a down payment has been your biggest hurdle, there’s good news: down payment assistance programs exist and are often easier to qualify for than most people think. These programs are designed to help homebuyers cover a portion—or even all—of their required down payment or closing costs. Most first-time buyers are eligible, and the average assistance available is around $17,000. That’s a big help when you’re trying to get into your first home.

To explore your options, connect with a trusted lender who can walk you through various loan programs and eligibility requirements. They’ll help you understand the best option based on your financial situation, credit score, and long-term goals.

You can also visit DownPaymentResource.com to check out programs you might qualify for in your area.

Bottom line

Don’t let outdated information hold you back. You probably need less money than you think to buy a home, and help is available if you know where to look.

When you’re ready to explore your options, I’m here to connect you with trusted local lenders and guide you every step of the way.

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