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Many first-time buyers hesitate to start the process because they believe they need a 20% down payment. The truth? That’s just a myth.
Do you really need 20% down?
No. While a 20% down payment avoids private mortgage insurance (PMI), it’s not required.
Common loan types with lower down payment options:
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Conventional loans: As low as 3–5% down.
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FHA loans: Often 3.5% down.
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VA and USDA loans: May require 0% down for qualified buyers.
Down payment assistance programs
Many states and local organizations offer programs to help first-time buyers with down payments or closing costs.
Why it matters
Waiting until you save 20% could delay your homeownership goals for years. Understanding your options helps you get into a home sooner.
Takeaway: You don’t need 20% down to buy a home. Talk to a lender about programs that fit your budget.
Want to learn about options available in our area? I’d be glad to connect you with trusted lenders who can walk you through your choices.
