The Truth About Down Payments (It’s Not What You Think)

Buying a home is exciting—until you start thinking about the down payment. That’s usually when the doubts creep in:

• “I’ll never save enough.”

• “I need a huge stack of cash just to get started.”

• “I guess I’ll just rent forever.”

Sound familiar? You’re not alone. But here’s the truth: a lot of what you’ve heard about down payments isn’t accurate. And once you know the facts, you might be closer to homeownership than you think.

Myth 1: “I need a big down payment.”

Many people believe they need at least 10–20% down. In fact, a recent poll shows 70% of Americans think 10% or more is required.

✅ Reality: Most first-time buyers put down between 6% and 9%. With FHA loans, you may only need 3.5%, and VA loans often require no down payment at all.

Myth 2: “It’ll take forever to save.”

Saving can feel overwhelming, but it doesn’t always take years and years. Depending on where you live, a 10% down payment could take less time to save than you expect.

✅ Reality: Since you often don’t need 10% (or even close to it), you may hit your goal faster than you think.

Myth 3: “I have to do it all on my own.”

This is one of the biggest misconceptions. Many buyers don’t know about the help that’s out there.

✅ Reality: There are thousands of down payment assistance programs available. These programs are designed to help buyers get started—so you don’t have to shoulder everything yourself.

Bottom Line

Don’t let myths about down payments stop you from becoming a homeowner. You might need less money than you think, and there are resources available to help.

Finding ways to make your credit score better could help you get a lower mortgage rate. When you’re ready to get the process started, let’s connect.