A Down Payment Reality Check (In the Best Way)
11/30/25
Buying a home is exciting… until you start thinking about the down payment. That’s usually when the little panic voice kicks 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 so not alone and you’re definitely not doomed.
Here’s the real talk: a lot of what you’ve heard about down payments just isn’t true. And once you get the facts, you might realize you’re a whole lot closer to owning a home than you think.
So let’s bust a few myths, shall we?
Myth 1: “I need to come up with a BIG down payment.”
This one trips up so many people. 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 (see graph below).
But here’s the good stuff: According to the National Association of Realtors (NAR), the typical down payment for first-time buyers has been between 6% and 9% since 2018.
And it gets even better.
If you qualify for an FHA loan, you may only need to put 3.5% down.
If you’re eligible for a VA loan, you may not need a down payment at all.
So yes, there are legit options out there that make homeownership way more accessible than most people realize.
Myth 2: “It’ll take forever to save up for a down payment.”
Saving does take time (ugh), but it might not take nearly as long as you think. A new study shows the timeline varies by state. The map below shows, on average, how many years it takes to save up for a 10% down payment based on typical home values and income levels where you live (see map below).
But here’s your friendly reminder:
Most buyers won’t even need a full 10% down.
And whatever you do put down? It doesn’t all have to come from your own pocket.
Stick with me… this part matters.
Myth 3: “I have to do it all on my own.”
Ohhhh, this myth. Let’s retire it forever.
There are thousands of down payment assistance programs out there. And that same poll from Morning Consult and NeighborWorks shows 39% of people don’t even know they exist.
That means tons of potential buyers are already closer to homeownership, they just don’t realize it yet.
These programs were literally designed to help people like you who are ready to own a home but just need a bit of support. 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 the down payment feels impossible, let’s chat.
You may not need as much as you think, and you absolutely don’t have to figure it all out alone. There are options, resources, programs - and me! - to help you navigate it.
So… if the down payment wasn’t the thing holding you back, would you be ready to start your home search?
Source: Keeping Current Matters, Inc.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice.
Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
