Most people get this wrong about down payments. Here’s why this question matters more than you might think.
A lot of would-be buyers overestimate how much they really need to save for a down payment.
Ask around, and you’ll hear the same guesses over and over: 10%, maybe 20%. But here’s the truth — you may be able to buy a home with as little as 3% down. According to FirstHomeIQ, only 8 out of 100 people actually know that. That means 92% of potential buyers are holding themselves back from homeownership based on misinformation.
Why It Matters
The gap between what people think they need and what they actually need can mean years of unnecessary waiting. If you’re saving for a 20% down payment, you might be delaying a move you could make right now.
Every market is different, and every buyer’s situation is unique — but knowledge is power.
Understanding your real options can open doors (literally) much sooner than you expect.
Don’t let myths about down payments stop you from exploring what’s possible.
There are loan programs, first-time buyer incentives, and creative financing options designed to help you get started — often with less than you think.
If you’re not sure how much you actually need to buy your first home, let’s talk through it. I can connect you with trusted local lenders who can break down your options clearly — no guessing, no gimmicks. Because sometimes, the first step toward homeownership isn’t saving more — it’s knowing better.
