Down Payment Myths Busted: You’re Closer to Homeownership Than You Think!

Buying a home is exciting… until you start thinking about the down payment. That’s when the worry can set in.

“I’ll never save enough.”
“I need a small fortune just to get started.”
“I guess I’ll just rent forever.”

😟 Sound familiar? You’re not alone—and you’re definitely not out of luck.

Here’s the thing: a lot of what you’ve heard about down payments just isn’t true. And once you know the facts, you might realize you’re a lot closer to owning a home than you think.

Let’s break it all down and bust some big down payment myths 🧨 while we’re at it.

🧾 Myth 1: “I need to come up with a big down payment.”

This one stops a lot of buyers in their tracks. A recent survey from Morning Consult and NeighborWorks shows that 70% of Americans believe they need at least 10% down to buy a home — and 11% don’t know what’s required at all.

💡 Truth: According to the National Association of Realtors (NAR), the typical down payment for first-time buyers has been between 6% and 9% since 2018.

👉 And if you qualify for certain loan types, you could put down even less:

• FHA Loan: As little as 3.5% down

• VA Loan: 0% down for eligible veterans and active-duty military

• USDA Loan: 0% down in eligible rural areas

So no, you don’t need a mountain of cash to get started! 🙌

⏳ Myth 2: “It’ll take forever to save up for a down payment.”

Sure, saving money can take time—but not always as long as you might think.

According to new research, the average time to save a 10% down payment varies widely depending on where you live. And in many places, it’s faster than expected, especially if you’re working with a clear savings plan.

🚨 But here’s the kicker: You likely won’t need 10% at all. Remember, many loans require much less—and that brings your savings timeline way down.

And guess what? 🏦 Not all of the money has to come out of your own pocket, either. Let’s talk about why.

🤝 Myth 3: “I have to do it all on my own.”

This is one of the biggest myths out there—and it’s stopping too many buyers from reaching their dream of homeownership.

The truth is that there are thousands of down payment assistance programs across the country. Yet, 39% of Americans don’t even know these programs exist (according to the same Morning Consult/NeighborWorks survey).

💬 As Miki Adams, President of CBC Mortgage Agency, says:

“With high interest rates and soaring home prices, down payment assistance is more essential than ever.”

These programs are designed to support buyers like you who are ready to own a home—but need a boost to get over the financial hump. Whether it’s grants, forgivable loans, or other financial tools, there’s help available. And you don’t have to navigate it alone.

🔑 Bottom Line: You’re Closer Than You Think

If you’ve been putting off buying a home because you’re stressed about the down payment, it might be time to revisit your options. ✅

✔️ You may not need as much money saved as you think.
✔️ There are loan programs and assistance tools available.
✔️ And best of all—you don’t have to do it by yourself.

👩‍💼 I’m Krista Klause, your trusted realtor here in San Antonio, TX, and I specialize in helping buyers—especially first-time buyers—navigate the process with confidence. Whether you're interested in down payment assistance programs, low-interest financing options, or just getting clarity on your next steps, I’m here to help.

📲 Ready to stop renting and start building equity in your own home? Let’s talk!
The sooner we connect, the sooner we can turn your dream into reality. 🏠✨

💬 If the down payment wasn’t the thing holding you back, would you be ready to start your home search?
Reach out to Krista Klause, your trusted realtor, and let’s find out how close you really are to home sweet home. 💕