By Michael Olubajo, Broker – Coldwell Banker Realty
Buying a home is exciting… until you start thinking about the down payment. That’s when the worry can set in.
“I’ll never save enough.”
“I need a small fortune just to get started.”
“I guess I’ll just rent forever.”
Sound familiar? You’re not alone. And you’re definitely not out of luck.
Here’s the truth: a lot of what you’ve heard about down payments just isn’t true. And once you know the facts, you might realize you’re a lot closer to owning a home than you think.
Let’s break it down and tackle some of the biggest down payment myths.
Myth 1: “I need to come up with a big down payment.”
This one stops a lot of buyers before they even get started.
A recent poll from Morning Consult and NeighborWorks shows 70% of Americans think they need to put at least 10% down to buy a home. And 11% aren’t sure what’s required at all.
Reality check: According to the National Association of Realtors (NAR), the typical down payment for first-time buyers has been between 6% and 9% since 2018.
It gets better:
- If you qualify for an FHA loan, you may only need 3.5% down.
- If you qualify for a VA loan, you might not need a down payment at all.
There are options—and the right one for you can make homeownership happen sooner than you think.
Myth 2: “It’ll take forever to save up for a down payment.”
Yes, saving takes time, but not as long as many people think—especially when you know exactly how much you need.
Even in states with higher home prices, many buyers can reach their down payment goal faster than they expect. And remember, most buyers don’t even need to save 10%.
Myth 3: “I have to do it all on my own.”
This might be the biggest myth of them all.
The truth? There are thousands of down payment assistance programs available, but 39% of people don’t even know they exist.
These programs are designed to help qualified buyers with grants, forgivable loans, and other resources—so you’re not left figuring it out alone.
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.”
Bottom Line
If you’ve been putting off buying a home because you think the down payment is out of reach, you may be closer than you realize.
You don’t have to navigate this alone. I help buyers every day find the right loan options, tap into available programs, and start their home search with confidence.
📞 Let’s talk about your options today.
Michael Olubajo
Associate Broker | Coldwell Banker Realty
📍 License #: AB069542
📞 (267) 994-9879 (Home) | (267) 994-9879 (Mobile)
📧 michael.olubajo@cbpref.com
🌐 therealestatemike.com
