Saving up to buy a home can feel a little intimidating, especially right now. And for many first-time buyers, the idea that you have to put 20% down can feel like a major roadblock.
But that’s actually a common misconception. Here’s the truth.
Unless your specific loan type or lender requires it, odds are you won’t have to put 20% down. There are loan options out there designed to help first-time buyers like you get in the door with a much smaller down payment.
For example, FHA loans offer down payments as low as 3.5%, while VA and USDA loans have no down payment requirements for qualified applicants, like Veterans. So, while putting down more money does have its benefits, it’s not essential. As The Mortgage Reports says:
“. . . many homebuyers are able to secure a home with as little as 3% or even no down payment at all . . . the 20 percent down rule is really a myth.”
According to the National Association of Realtors (NAR), the median down payment is a lot lower for first-time homebuyers at just 9% (see chart below):
The takeaway? You may not need to save as much as you originally thought.
And the best part is, there are also a lot of programs out there designed to give your down payment savings a boost. And chances are, you’re not even aware they’re an option.
Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance (DPA), but only 13% actually use it (see chart below):
That’s a lot of missed opportunity. These programs aren’t small-scale help, either. Some offer thousands of dollars that can go directly toward your down payment. As Rob Chrane, Founder and CEO of Down Payment Resource, shares:
“Our data shows the average DPA benefit is roughly $17,000. That can be a nice jump-start for saving for a down payment and other costs of homeownership.”
Imagine how much further your homebuying savings would go if you were able to qualify for $17,000 worth of help. In some cases, you may even be able to stack multiple programs at once, giving what you’ve saved an even bigger lift. These are the type of benefits you don't want to leave on the table.
Saving up for your first home can feel like a lot, especially if you’re still thinking you have to put 20% down. The truth is that’s a common myth. Many loan options require much less, and there are even programs out there designed to boost your savings too.
To learn more about what’s available and if you’d qualify for any down payment assistance programs, talk to a trusted lender.
Check out the latest articles on real estate trends.
Real Estate
Many wonder if today’s new construction boom mirrors 2008. The truth? Builders are more cautious — and more balanced — than ever.
Lifestyle
From sparkling holiday shows to races, markets, and city traditions — discover what makes Atlanta shine this November.
Lifestyle
From dazzling botanical gardens to glowing zoo lanterns, discover the most magical holiday light displays around Atlanta this winter.
Lifestyle
Atlanta’s vibrant food scene continues to shine with 64 restaurants recognized in the 2025 MICHELIN Guide — including exciting new additions and returning favorites.
A More Balanced Market Creates Opportunities for Buyers in Atlanta
Real Estate
Even with small price dips in some markets, most homeowners are still sitting on record levels of equity — here’s why that matters.
Real Estate
Avoid last-minute surprises and keep your deal on track with one simple step sellers often overlook.
Lifestyle
From haunted aquariums to fright-filled festivals, discover Atlanta’s best Halloween happenings for families, thrill-seekers, and night owls alike.
Address
3107 Peachtree Rd NE A-1
Atlanta GA 30305
