Stop Letting the Down Payment Hold You Back from Homeownership

Buying a home is exciting… until you start thinking about the down payment. That’s when the worry kicks 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.

The truth? A lot of what you’ve heard about down payments isn’t accurate. Once you know the facts, you might realize you’re closer to owning a home than you think.

Myth 1: “I need a big down payment.”

A poll from Morning Consult and NeighborWorks found 70% of Americans think they need at least 10% down to buy a home — and 11% aren’t sure at all.

Reality: The National Association of Realtors says the typical down payment for first-time buyers is just 6–9%. And depending on your loan:

• FHA loans: as low as 3.5% down

• VA loans: no down payment required

There are more options than you think — and the right lender can help you find the one that fits.

Myth 2: “It’ll take forever to save.”

Saving up doesn’t have to be a 10-year project. Depending on your income and home prices where you live, it may be much faster.

And remember — you probably won’t need 10% down anyway. Even better, not all of that money has to come directly from your savings.

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

Not true. Thousands of down payment assistance programs are out there, and 39% of people don’t even know they exist. These programs are designed to help buyers get into homes faster — especially in a market with high interest rates and home prices.

As Miki Adams, President of CBC Mortgage Agency, says:

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

Bottom Line

If the down payment is the only thing holding you back, let’s talk. You may not need as much as you think, and there are programs to help cover part (or even all) of it.

You’re closer to owning a home than you realize — you just need the right guidance to get there.