Think You Need 20% Down to Buy a Home? Think Again.

One of the biggest myths in real estate is that you need a 20% down payment to buy a home. At Mills Real Estate Group, we regularly talk with buyers across Fort Worth and the DFW area who believe they need years of additional savings before they can purchase a home.

The reality? Most first-time homebuyers put down far less.

Depending on the loan program, many buyers can purchase a home with as little as 3% to 3.5% down, and some qualified buyers may even be eligible for zero-down payment loan options through VA or USDA programs.

In fact, recent data shows the typical first-time homebuyer puts down about 10%—only half of the traditional 20% many people assume is required.

That means many buyers may be able to purchase a home much sooner than they realize. Waiting until you've saved a full 20% could unnecessarily delay your homeownership goals by years.

Down Payment Assistance May Be Available

Many buyers are also surprised to learn they may qualify for down payment assistance programs. These programs can help cover a portion of your down payment, closing costs, or both, making homeownership more accessible than many people think.

Unfortunately, most eligible buyers never explore these opportunities simply because they don't know they exist.

Recent research found that while most first-time homebuyers qualify for some type of down payment assistance, very few actually take advantage of these programs.

With thousands of assistance programs available nationwide, buyers may have access to grants, forgivable loans, or other financial resources that can significantly reduce the amount of cash needed to purchase a home.

Don't Let a Myth Delay Your Homeownership Goals

While a larger down payment can have benefits, it isn't the only path to homeownership. The most important step is understanding your options and speaking with a trusted lender who can evaluate your specific situation.

You may be much closer to buying a home than you think.

The Bottom Line

If you've been holding off on buying because you think you need a 20% down payment, it may be time to take another look. The team at Mills Real Estate Group can help connect you with trusted lending professionals, explore available programs, and create a plan that fits your goals.

Your path to homeownership may be more achievable than you realize. Let's Chat