3 Down Payment Myths That Could Be Holding You Back

Down Payment Myths That Might Be Holding You Back
Buying a home should feel exciting — not overwhelming.
But for many buyers, the very first thought about the down payment can trigger worries like:

“I’ll never save enough.”
“I need a huge lump sum just to start.”
“Guess I’ll just rent forever.”

If that sounds familiar, you’re not alone — and you’re probably closer to buying than you think. Let’s clear up some of the biggest myths.

💡 Myth #1: You need a massive down payment.
Many people believe they need 10%… or even 20%… to buy a home. The truth? Many first-time buyers put far less down. Depending on the loan type, you could be looking at:

Around 3–5% for certain conventional loans

3.5% for FHA loans

0% for VA or USDA loans (if eligible)

That’s a big difference from the numbers most people imagine.

💡 Myth #2: It’ll take forever to save.
Yes, saving takes effort — but it may not be as long as you think, especially if your target down payment is smaller than you assumed. Plus, creating a focused savings plan and knowing your price range can speed things up.

💡 Myth #3: You have to do it all alone.
This might be the most important myth to bust. There are thousands of down payment assistance programs across the country — many buyers don’t even know they exist. These programs can cover part (or all) of your down payment, making homeownership more accessible than ever.

Bottom line:
The down payment doesn’t have to be the roadblock it’s made out to be. Between lower minimums, flexible loan programs, and assistance funds, you might be ready to buy far sooner than you think.

📲 Thinking about buying but not sure where to start? Let’s connect and make a plan.

Orginal article posted at www.keepingcurrentmatters.com