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One of the biggest misconceptions of home buying? The 20% down payment.

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One of the biggest misconceptions of home buying? The 20% down payment.

Caitlyn Peck

Thank you for taking a moment to read about my services, I would be honored to represent you during your real estate transaction...

Thank you for taking a moment to read about my services, I would be honored to represent you during your real estate transaction...

May 6 2 minutes read

You Don’t Need A 20% Downpayment To Buy A Home. Here’s how to buy with a lot less down.

Buyers often overestimate the down payment funds needed to qualify for a home loan. “Most potential homebuyers are largely unaware that there are low-down payment and no-downpayment assistance programs available at the local, state, and federal levels to help eligible borrowers secure an affordable down payment.”  

These numbers do not differ much between non-owners and homeowners. For example, “30% of homeowners and 39% of renters believe that you need more than 20 percent for a down payment.”

While many believe that they need at least 20% down to buy their dream homes, they do not realize that there are programs available which allow them to put down as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined with programs that have emerged allowing less cash out of pocket.

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