If you're a first-time homebuyer, you've probably heard the same advice over and over: “You need to put 20% down.” But here's the truth—that’s one of the biggest misconceptions in real estate today.

In reality, most buyers don’t need to put down anywhere near 20%. Let’s break down what’s actually true when it comes to down payments and what options might be available to you.

🚫 The Myth: You Need 20% Down

A lot of people are hesitant to even start looking for a home because they think they need to save 20% of the purchase price. That might have been the norm decades ago—but not today.

✅ The Reality: Most People Put Down Less

In fact, the median down payment for first-time buyers is just 9%. Compare that to the commonly believed 20%, and you’ll see how this myth could be holding people back unnecessarily.

💡 You May Not Even Need That Much

Some people choose to put more down to make their offer stronger in a competitive market—but it’s not required. Others put down less to make homeownership more accessible.

There are home loan programs that allow you to buy with as little as:

• 3.5% down

• Or even 0% down for qualified buyers

🏡 Down Payment Assistance Exists—But Few Use It

Here’s another eye-opener:
👉 80% of first-time homebuyers qualify for some type of down payment assistance.
👉 But only 13% actually use those programs.

That’s a huge missed opportunity. Many buyers simply don’t know these resources are available—or they assume they won’t qualify.

💸 The Average Assistance Program Provides $17,000

That’s not pocket change. If you’re buying your first home, down payment assistance could make all the difference, especially in markets where affordability is tight.

📌 Final Thoughts: Don’t Let the Down Payment Myth Hold You Back

Buying a home is more within reach than you may think. If you’re interested in learning more about:

• First-time buyer programs

• Low down payment loans

• Or qualifying for assistance

Learn What You Really Need to Know About Down Payments as a First-Time Homebuyer on our YouTube Channel.

Learn What You Really Need to Know About Down Payments as a First-Time Homebuyer at PolRealty.com