When it comes to buying a home, one of the biggest misconceptions we hear from buyers is:
“I need to save up 20% before I can even think about buying.”
Good news - that’s simply not true! 🙌
According to Jenna Scharf, Broker Associate at Treeline Realty, “Many qualified buyers are sitting on the sidelines because they think they can’t buy without a big down payment. In reality, there are loan programs that make homeownership much more attainable than people realize.”
💰 Common Down Payment Options
Depending on your unique situation, you may be eligible for:
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0% Down – VA and USDA loans
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3.5% Down – FHA loans
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5% Down – Conventional loans
And that’s not all - many state and local programs offer grants, forgivable loans, or even employer-assisted funds to help you cover your down payment or closing costs.
💡 Pro Tip
Putting less than 20% down may mean you’ll pay Private Mortgage Insurance (PMI), but it’s often a small price to pay for getting into your dream home years sooner.
“The key is understanding all your options,” Jenna adds. “A great lender and real estate professional can walk you through programs designed specifically for first-time buyers or those who need flexibility.”
🏠 The Bottom Line
Don’t let the 20% myth hold you back. The path to homeownership could be closer than you think — and you might be surprised at just how affordable your first home can be.
Thinking about buying but not sure where to start?
By: Jenna Scharf, Broker Associate