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.”

Sound familiar? You’re not alone. And you’re definitely not out of luck.

Here’s the thing: a lot of what you’ve heard about down payments just isn’t true. And once you know the facts, you might realize you’re a lot closer to owning a home than you think.

Let’s break it all down and bust some big down payment myths while we’re at it.

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

This one stops a lot of people in their tracks. Many Americans think they need to put at least 10% down to buy a home, and some aren’t even sure what’s required.

The truth? According to the National Association of Realtors (NAR), the typical down payment for first-time buyers has been between 6% and 9% for years. And if you qualify for an FHA loan, you may only need to put 3.5% down. VA loans often require no down payment at all.

There are more options out there than most people realize—and they can make a huge difference.

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

Sure, saving can take time. But it may not have to take as long as you think.

In many areas, reaching your goal could happen faster than expected—especially when you know your budget and have a clear savings plan.

And remember, in most cases, you won’t even need a 10% down payment. Plus, no matter how much you put down, it doesn’t all have to come out of your own pocket.

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

This is one of the biggest myths of all.

The reality is, there are thousands of down payment assistance programs available. But many people don’t know about them—and that means they could be closer to homeownership than they think.

These programs are specifically designed to help people like you—ready to own, just needing a little support to get started.

As Miki Adams, President at CBC Mortgage Agency, puts it:

“With high interest rates and soaring home prices, down payment assistance is more essential than ever.”

Bottom Line

If you’ve been putting off buying a home because the down payment feels out of reach, talk to a local real estate expert. You may not need as much as you think—and you don’t have to go it alone.

There are resources and programs to help you take the next step. You just need the right guidance.

If the down payment wasn’t the thing holding you back, would you be ready to start your home search?

📞 To connect with me directly, contact me at 917-254-2103.
📋 For your FREE Home Evaluation, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text HomeswithJustin to 85377.