[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f3vemh1e8wodiv":3,"$ffeh0925h8cuz":47,"$fbwk2pqjjqsc7":51},{"item":4,"previous":35,"next":41},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":33,"updatedAt":34},85017,"the-20-down-payment-myth-debunked","The 20% Down Payment Myth, Debunked","\u003Cp>Saving up to buy a home can feel a little intimidating, especially right now.\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20250430\u002F20250505-The-20-Down-Payment-Myth-Debunked-original.png","\u003Cp>Saving up to buy a home can feel a little intimidating, especially right now. And for many first-time buyers, the idea that you have to put 20% down can feel like a major roadblock.\u003C\u002Fp>\u003Cp>But that’s actually a common misconception. Here’s the truth.\u003C\u002Fp>\u003Ch4>\u003Cstrong>Do You Really Have To Put 20% Down When You Buy a Home?\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Unless your specific loan type or lender requires it, odds are you won’t have to put 20% down. There are loan options out there designed to help first-time buyers like you get in the door with a much smaller down payment.\u003C\u002Fp>\u003Cp>For example, \u003Ca href=\"https:\u002F\u002Fwww.hud.gov\u002Fhelping-americans\u002Floans\" rel=\"noopener noreferrer\" target=\"_blank\">FHA\u003C\u002Fa> loans offer down payments as low as \u003Ca href=\"https:\u002F\u002Fwww.usa.gov\u002Fgovernment-home-loans\" rel=\"noopener noreferrer\" target=\"_blank\">3.5%\u003C\u002Fa>, while \u003Ca href=\"https:\u002F\u002Fwww.va.gov\u002Fhousing-assistance\u002Fhome-loans\u002Floan-types\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">VA\u003C\u002Fa> and \u003Ca href=\"https:\u002F\u002Fwww.rd.usda.gov\u002Fprograms-services\u002Fsingle-family-housing-programs\u002Fsingle-family-housing-guaranteed-loan-program\" rel=\"noopener noreferrer\" target=\"_blank\">USDA loans\u003C\u002Fa> have no down payment requirements for qualified applicants, like Veterans. So, while putting down more money does have its \u003Ca href=\"\u002F2024\u002F10\u002F16\u002Fthe-benefits-of-using-your-equity-to-make-a-bigger-down-payment\" rel=\"noopener noreferrer\" target=\"_blank\">benefits\u003C\u002Fa>, it’s not essential. As \u003Cem>The Mortgage Reports\u003C\u002Fem> says:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“. . . \u003C\u002Fem>\u003Cstrong>\u003Cem>many homebuyers are able to secure a home with as little as 3% or even no down payment at all\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem> . . . the 20 percent down rule is really a myth.\u003C\u002Fem>\u003Cstrong>\u003Cem>” \u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fblockquote>\u003Cp>\u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fresearch-and-statistics\u002Fresearch-reports\u002Fhighlights-from-the-profile-of-home-buyers-and-sellers\" rel=\"noopener noreferrer\" target=\"_blank\">According\u003C\u002Fa> to the \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR),\u003Cstrong> the median down payment is a lot lower for first-time homebuyers at just 9%\u003C\u002Fstrong> \u003Cem>(see chart below)\u003C\u002Fem>:\u003C\u002Fp>\u003Cp>\u003Cstrong>\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20250430\u002F20250505-The-Median-Down-Payment-For-First-Time-Buyers-Is-Less-Than-Twenty-Percent-original.png\">The takeaway? You may not need to save as much as you originally thought.  \u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>And the best part is, there are also a lot of programs out there designed to give your down payment savings a boost. And chances are, you’re not even aware they’re an option.\u003C\u002Fp>\u003Ch4>\u003Cstrong>Why You Should Look into Down Payment Assistance Programs\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Believe it or not, almost \u003Cstrong>80% of first-time homebuyers qualify for down payment assistance (DPA), but only 13% actually use it\u003C\u002Fstrong> \u003Cem>(see chart below)\u003C\u002Fem>:\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20250430\u002F20250505-Most-First-Time-Homebuyers-Qualify-For-Down-Payment-Assistance-But-Few-Use-It-original.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20250430\u002F20250505-Most-First-Time-Homebuyers-Qualify-For-Down-Payment-Assistance-But-Few-Use-It-original.png\" alt=\"a blue and orange pie chart\">\u003C\u002Fa>That’s a lot of missed opportunity. These programs aren’t small-scale help, either. Some offer thousands of dollars that can go directly toward your down payment. As Rob Chrane, Founder and CEO of \u003Cem>Down Payment Resource\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fwww.housingwire.com\u002Farticles\u002Fdown-payment-resource-first-time-homebuyers-17k-average-benefit\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">shares\u003C\u002Fa>:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“\u003C\u002Fem>\u003Cstrong>\u003Cem>Our data shows the average DPA benefit is roughly $17,000.\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem> That can be a nice jump-start for saving for a down payment and other costs of homeownership.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>Imagine how much further your homebuying savings would go if you were able to qualify for $17,000 worth of help. In some cases, you may even be able to stack multiple programs at once, giving what you’ve saved an even bigger lift. These are the type of benefits you don't want to leave on the table. \u003C\u002Fp>","\u003Cp>Saving up for your first home can feel like a lot, especially if you’re still thinking you have to put 20% down. The truth is that’s a common myth. Many loan options require much less, and there are even programs out there designed to boost your savings too.\u003C\u002Fp>\u003Cp>To learn more about what’s available and if you’d qualify for any down payment assistance programs, talk to a trusted lender.\u003C\u002Fp>","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20250430\u002F20250505-The-Median-Down-Payment-For-First-Time-Buyers-Is-Less-Than-Twenty-Percent-original.png",false,[17,21,25,29],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},11,"First-Time Buyers","first-time-buyers",{"id":26,"name":27,"slug":28},322,"Affordability","affordability",{"id":30,"name":31,"slug":32},323,"Buying Tips","buying-tips","2025-05-05T10:30:00Z","2025-05-05T10:30:38Z",{"id":36,"slug":37,"title":38,"featuredImage":39,"publishedAt":40,"contentType":10,"isVideo":15},84765,"your-home-equity-could-make-moving-possible-infographic","Your Home Equity Could Make Moving Possible","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20250428\u002F20250502-Your-Home-Equity-Could-Make-Moving-Possible-KCM-Share-original.png","2025-05-02T10:30:00Z",{"id":42,"slug":43,"title":44,"featuredImage":45,"publishedAt":46,"contentType":10,"isVideo":15},85276,"stocks-may-be-volatile-but-home-values-arent","Stocks May Be Volatile, but Home Values Aren’t","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20250501\u002F20250506-Stocks-May-Be-Volatile-but-Home-Values-Aren-t-original.png","2025-05-06T10:30:00Z",{"cover":48,"open":49,"shareSpread":50},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[52,56,57,61,65,69,73,74,78,82,86,90,94,98,102,106,110,114,118,122,126,130,131,132,136,140,144,148,152,156],{"id":53,"name":54,"slug":55},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":58,"name":59,"slug":60},6,"For Sellers","sellers",{"id":62,"name":63,"slug":64},7,"Foreclosures","foreclosures",{"id":66,"name":67,"slug":68},8,"Infographics","infographics",{"id":70,"name":71,"slug":72},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":75,"name":76,"slug":77},34,"Senior Market","senior-market",{"id":79,"name":80,"slug":81},35,"Mortgage Rates","mortgage-rates",{"id":83,"name":84,"slug":85},38,"Move-Up","move-up",{"id":87,"name":88,"slug":89},41,"For Sale by Owner","for-sale-by-owner",{"id":91,"name":92,"slug":93},42,"Featured","featured",{"id":95,"name":96,"slug":97},45,"New Construction","new-construction",{"id":99,"name":100,"slug":101},52,"Luxury \u002F Vacation","luxury--vacation",{"id":103,"name":104,"slug":105},53,"Rent vs. Buy","rent-vs-buy",{"id":107,"name":108,"slug":109},80,"Time-sensitive","time-sensitive",{"id":111,"name":112,"slug":113},81,"Outdated","outdated",{"id":115,"name":116,"slug":117},147,"Internal","internal",{"id":119,"name":120,"slug":121},148,"Do Not Autopost","do-not-autopost",{"id":123,"name":124,"slug":125},320,"Inventory","inventory",{"id":127,"name":128,"slug":129},321,"Agent Value","agent-value",{"id":26,"name":27,"slug":28},{"id":30,"name":31,"slug":32},{"id":133,"name":134,"slug":135},324,"Downsize","downsize",{"id":137,"name":138,"slug":139},325,"Economy","economy",{"id":141,"name":142,"slug":143},326,"Equity","equity",{"id":145,"name":146,"slug":147},327,"Forecasts","forecasts",{"id":149,"name":150,"slug":151},328,"Selling Tips","selling-tips",{"id":153,"name":154,"slug":155},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":157,"name":158,"slug":159},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]