Buying a home feels thrilling—until you start thinking about the down payment.
That’s when the doubts set in:
“I’ll never save enough.”
“I need a small fortune just to start.”
“Maybe renting is easier.”
Sound familiar? You’re not alone—and you’re closer to owning a home than you may think.
Common Myths, Busted
Myth 1: “I need to come up with a big down payment.”
A staggering 70% of Americans believe they must put at least 10% down—but the real story is different. First-time buyers typically manage with 94%–91% financing, and many loan programs lower that even further. FHA loans can allow financing up to 96.5%, and VA loans may need no down payment at all.
Myth 2: “It’ll take forever to save that much.”
Saving for a down payment doesn’t have to feel impossible. In many states, you can reach your goal faster than expected if you plan smartly. Plus—most buyers don’t even need as much as 10%.
Myth 3: “I have to do it all on my own.”
Absolutely not. There are thousands of down payment assistance programs out there—and 39% of people don’t even know they exist. These programs are designed to help buyers just like you.
Bottom Line
If starting the homebuying process has felt out of reach because of the down payment—stop letting it hold you back. You may need much less than you thought, and help is available. The key? Talk to a local real estate agent or lender to find the right options and support.
Once you’ve got that lifted, ask yourself: If the down payment wasn’t holding you back, would you be ready to begin your home search today?
Source: Keeping Current Matters
Experienced Chief Operating Officer with a 26 + year demonstrated history of working in the banking industry. Skilled in all aspects of the residential mortgage market . Strong business development professional with a Bachelor of Science (BS) focused in Business Administration and Management, from St. Joseph College. A direct endorsement underwriter and a licensed Mortgage Loan Originator.