Buying a home is exciting—until you start thinking about the down payment. That’s when the stress can begin to creep in.

“I’ll never save enough.”

“I need a small fortune just to get started.”

“I guess I’ll just rent forever.”

Does that ring a bell? You’re in good company, and there’s still plenty of hope.

Here’s the deal: a lot of what you’ve heard about down payments isn’t quite accurate. Once you get the real facts, you might find out you’re actually much closer to owning a home than you thought.

Let’s dive in and clear up some common misconceptions about down payments while we’re at it.

Myth 1: “I need to come up with a big down payment.”

This is something that often trips people up. A recent poll by Morning Consult and NeighborWorks found that 70% of Americans believe you need to put down at least 10% to buy a home. On top of that, 11% aren’t even sure what the down payment requirements are (see graph below).

Here’s the deal: According to the National Association of Realtors (NAR), first-time homebuyers usually put down between 6% and 9% since 2018. But that’s not the whole picture. If you qualify for an FHA loan, you might only need to put down 3.5%. And with VA loans, often there’s no down payment required at all. So, there are definitely options that can make a big difference depending on your situation.

Myth 2: “It’ll take forever to save up for a down payment.”

Saving up might feel like a slow process, but it often doesn’t have to take as long as you think. In lots of states, you could reach your goal sooner than expected, especially if you understand your budget and have a solid plan for saving.

A recent study found that how long it takes to save for a 10% down payment really depends on where you live. The map below breaks down the average number of years it takes in each state, based on typical home prices and income levels.

In most cases, you actually won’t need a down payment as big as 10%. And no matter how much you decide to put down, it doesn’t all have to come straight from your own money. Here’s why.

Myth 3: “I have to do it all on my own.”

One of the biggest myths out there is that down payment help isn’t available. In reality, there are thousands of programs designed to assist with down payments. A poll from Morning Consult and NeighborWorks found that 39% of people don’t even know these programs exist. So, many potential homebuyers might actually be much closer to owning a home than they think—they just haven’t heard about the help that’s out there.

These assistance programs are here to give a hand to folks who are ready to buy a home but could use a little extra help getting started. As Miki Adams, President at CBC Mortgage Agency, puts it:

““With high interest rates and soaring home prices, down payment assistance is more essential than ever.”
”

— Miki Adams, President at CBC Mortgage Agency

Bottom Line

If you've been hesitating to buy a home because the down payment seems too overwhelming, let's have a conversation. You might not need as much money upfront as you think, and there are many resources available to help you. You don’t have to go through it alone—having an expert guide you can make all the difference.

If the down payment wasn’t a concern, would you feel ready to begin looking for your new home?