If you’ve been putting off buying a home because you think you need to save up 20% for a down payment, you’re not alone — and you’re definitely not out of options.
Here’s the truth: that 20% figure is one of the most common myths in real estate, and it holds a lot of potential buyers back. Let’s talk about what you actually need to know when it comes to making that first move toward homeownership.
1. You Can Buy with Less Than You Think
There are loan programs out there that require far less than 20% down — some as low as 3% or 3.5%. These programs are designed to help buyers who are financially ready but may not have a large amount of cash saved up. If you’ve been waiting for a big down payment to start your home search, you may already be ready to buy.
2. Down Payment Help Exists — And It’s Legit
There are real programs, both statewide and local, that offer assistance with your down payment. Some come in the form of grants, others are loans that may be forgiven over time. You’d be surprised how many buyers qualify and don’t even realize it. This kind of support can make a huge difference, especially for first-time buyers.
3. It’s Not Just About the Amount — It’s About Strategy
How much you put down will influence your monthly payment, interest rate, and whether you’ll need to pay for mortgage insurance. It’s not about putting down as much as possible — it’s about putting down the right amount for your situation. That’s where good guidance comes in.
Final Thoughts
Buying a home might be more within reach than you thought. If the idea of saving 20% has been holding you back, it’s time to explore your options. We’re here to help you navigate every step, answer your questions, and show you what’s possible — no pressure, just real advice.
Ready to learn more?
Let’s talk! The Lucas Howard Group is here to help you take the next step with confidence.