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 when the worry can set in.

“I’ll never save enough.”
“I need a small fortune just to get started.”
“I guess I’ll just rent forever.”

Myth 1: “I need to come up with a big down payment.”

A Morning Consult and NeighborWorks poll found that 70% of Americans think they need to put at least 10% down to buy a home. But that’s not necessarily true. According to the National Association of Realtors, typical down payments for first-time buyers have been 6–9% since 2018. FHA loans may require only 3.5% down, while VA loans typically require no down payment.

Myth 2: “It’ll take forever to save up for a down payment.”

Saving timelines vary by state based on typical home values and income levels. With the right strategy and the right loan program, getting into a home may happen sooner than you think.

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

39% of people don’t even know about down payment assistance programs. As Miki Adams explains: “With high interest rates and soaring home prices, down payment assistance is more essential than ever.”

You may not need as much as you think. Let’s talk through your options.