Down Payments 101: You Have More Options Than You Think

Myth: You Have to Put 20% Down

Reality: Nope. While putting 20% down means no mortgage insurance, most first-time buyers put down far less. FHA, VA, and even Conventional loans can get you into a home with much smaller upfront costs.

Option 1: FHA Loan

• Flexible credit requirements
  
  
• Great for first-time buyers
  

Option 2: VA Loan (For Veterans & Active Duty)

• 0% down payment required
  
  
• Lower rates
  
  
• One of the best benefits for those who served
  

Option 3: Conventional Loan

• As low as 3% down (with good credit)
  
  
• Mortgage insurance drops off once you hit 20% equity
  

Option 4: Down Payment Assistance Programs

• Local, state, or nonprofit programs that help with down payment or closing costs
  
  
• Often geared toward first-time buyers or low-to-moderate income households
  

👉 Explore our Down Payment Calculator to see how much you actually need to save.

Tips to Make It Easier

• Save smart: Even small, consistent savings add up over time.
  
  
• Use gifts: Family gift funds can often count toward your down payment.
  
  
• Negotiate: Sometimes sellers can help with closing costs.
  

The Bottom Line

Don’t let the myth of 20% keep you from owning a home. With the right loan program (and the right lender), you’ve got options that make homeownership more achievable than you think.