Buying a home is super exciting—until you start thinking about the down payment. That’s when the stress can sneak 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 the only one—and you’re definitely not out of options.

 

Here’s the thing—a lot of what people say about down payments just isn’t true. And once you know the real deal, you might realize homeownership is more within reach than you thought.

 

Let’s clear things up and bust some common down payment myths while we’re at it.

 

This one trips up a lot of people. A recent poll from Morning Consult and NeighborWorks found that 70% of Americans think you need at least 10% down to buy a home—and 11% aren’t even sure what the requirement is (check out the graph below):

 

 

Here’s the real deal: According to the National Association of Realtors (NAR), most first-time buyers have been putting down between 6% and 9% since 2018. But it gets better—if you qualify for an FHA loan, you might only need 3.5% down. And with a VA loan, you might not need a down payment at all. So yeah, there are options out there that can make a big difference.

 

Sure, saving up takes time—but maybe not as much as you think. In a lot of states, you could hit your goal sooner than you'd expect, especially if you know your budget and have a solid savings plan in place.

 

A new study shows that how long it takes to save for a 10% down payment really depends on where you live. The map below gives an idea of the average number of years it takes in each state, based on typical home prices and income levels (check it out below):

 

 

But keep in mind, most of the time you won’t need to put down a full 10%. And no matter how much you do put down, it probably won’t all have to come straight from your own pocket. Here’s why.

 

This is probably one of the biggest myths out there. The truth is, there are thousands of down payment assistance programs available. But that same poll from Morning Consult and NeighborWorks found that 39% of people don’t even know these programs exist. So, a lot of potential homebuyers might actually be closer to owning a home than they think—they just don’t know it yet.

 

These assistance programs are made to help folks like you who are ready to buy a home but just need a bit of extra support to get going. As Miki Adams, President at CBC Mortgage Agency, puts it: 

 

 

If you’ve been holding off on buying a home because the down payment feels overwhelming, let’s chat. You might not need as much as you think, and there are plenty of resources to help—so you don’t have to figure it all out on your own. Sometimes, you just need an expert to guide you the right way.

 

If the down payment wasn’t standing in your way, would you be ready to start looking for your new home?