You Don't Need 20% Down to Buy a Home — Here's the Truth

One of the biggest myths holding buyers back? The belief that you need 20% down before you can even think about buying a home.

We're here to set the record straight.

THE 20% MYTH

The idea that 20% is required is just that — a myth. While putting more down has its benefits, most first-time homebuyers put down far less. And the data backs it up.

According to the National Association of Realtors (NAR), the median down payment for first-time buyers is just 10% — half of what most people assume they need.

If you've been pushing your home buying timeline out because you're trying to save 20%, you may be waiting longer than you need to.

LOAN OPTIONS THAT WORK FOR YOU

There are loan programs specifically designed to make homeownership more accessible:

• FHA Loans — Down payments as low as 3.5%
• VA Loans — Zero down payment for qualified Veterans
• USDA Loans — Zero down payment for eligible rural and suburban buyers

The right loan for you depends on your situation. That's exactly what we're here to help you figure out.

Ready to explore your options? Contact Neighbors & Associates today and let's find the loan that fits your life.

(919) 701-2854

DOWN PAYMENT ASSISTANCE: FREE MONEY YOU MIGHT BE LEAVING ON THE TABLE

Here's something most buyers don't know: nearly 80% of first-time homebuyers qualify for down payment assistance (DPA) — yet only 13% actually use it.

That's a huge opportunity being missed.

In the U.S., there are over 2,600 homeownership assistance programs available. The average benefit is around $18,000 — and in some cases, you can even stack multiple programs together.

That's money that could close the gap between where you are today and the keys in your hand.

Wondering if you qualify? Reach out to us — we'll help you find programs available in your area.

THE BOTTOM LINE

Most first-time buyers don't put 20% down. If that's the number you've been working toward, you may be closer to homeownership than you think.

At Neighbors & Associates, we believe buying a home should feel exciting — not impossible. Let us walk you through what you actually need to get started.

Schedule a free consultation with Neighbors & Associates and let's talk about what homeownership looks like for you.

(919) 701-2854

Sources: National Association of Realtors, Mortgage Reports, Down Payment Resource, Realtor.com