When it comes to buying a home, one of the biggest misconceptions is that you need to put down 20% of the purchase price. While this might be true in some cases, it’s far from the reality for most buyers—especially first-time homebuyers.
Let’s clear up the confusion and talk about the real options available to help you achieve your dream of homeownership without breaking the bank.
The Misconception: Do You Really Need 20% Down?
It’s common to hear that you need a 20% down payment, but many buyers don’t put down that much. Here’s the reality:
- First-time homebuyers typically put down about 9%.
- The median down payment across all homebuyers is 18%.
- Only a small percentage of buyers put down the full 20%, often to make their offer more competitive.
The truth is, you don’t have to save for years just to hit a 20% down payment goal. There are flexible options and programs designed to make homeownership more accessible.
Loan Options Requiring Low or No Down Payment
Some home loan programs require as little as 3.5% down, and there are even loans that require 0% down. These options can make it possible to enter the housing market sooner than you might think.
If you’re wondering which option is best for you, working with a trusted real estate agent and lender is key. They can walk you through available programs and help you find one that fits your budget and needs.
Down Payment Assistance Programs Can Help
If saving for a down payment feels overwhelming, there’s good news: assistance programs are available to help boost your savings.
- Thousands of programs exist across the country, and the number of options is growing.
- In 2024, over 2,444 programs are available to support homebuyers, up from 2,256 in 2023.
- The average benefit from these programs is nearly $17,000—money that can significantly ease your financial burden.
Whether you’re a first-time buyer or returning to the market, these resources can make all the difference. To learn more, visit sites like downpaymentresource.com or consult with a local lender.
How to Make Your Homebuying Dream a Reality
While saving for a home is a big step, it doesn’t have to feel out of reach. With loan options requiring lower down payments and assistance programs providing financial support, you can start your journey to homeownership today.
Ready to Learn More? Let’s Get Started!
Don’t let down payment myths hold you back. Call 972-863-0792 today to connect with a real estate expert who can guide you through your options and help you find the perfect program for your needs. Homeownership is closer than you think!