The Truth About Down Payments (It’s Not What You Think)

Hi friends — Melinda here. 🏡
I know buying a home is one of life’s most exciting steps, but the moment we start talking about the down payment, it can feel like the brakes slam on. I hear it all the time:

“I’ll never be able to save enough.”
“I need a huge chunk of money to even think about buying.”
“I guess I’ll just rent forever.”

If you’ve ever thought those things, please know — you’re not alone, and you’re not out of options. A lot of what you’ve heard about down payments simply isn’t true. Once you know the facts, you might realize you’re closer to owning a home than you ever imagined.

So, let’s walk through some of the most common myths together and separate fact from fiction.

Myth 1: “I need a big down payment.”

This is probably the #1 belief that stops buyers in their tracks. A recent survey found that 70% of people think you need at least 10% down, and some aren’t even sure what’s required.

Here’s the reality: according to the National Association of Realtors, the typical down payment for first-time buyers has been between 6% and 9% for years. And there are even more flexible options out there:

✅ FHA loans may require as little as 3.5% down.
✅ VA loans often require no down payment at all (if you qualify).

The key takeaway? You don’t always need a huge lump sum to get started — the right loan program can make homeownership far more achievable.

Myth 2: “It’ll take forever to save up.”

Yes, saving takes commitment, but it might not take nearly as long as you think — especially if you know your numbers and have a plan in place.

In many states, reaching your down payment goal can happen sooner than expected. And remember, most buyers aren’t putting down a full 10%. That means the timeline can be much shorter than you’ve been picturing.

Plus, you don’t necessarily have to fund the entire down payment yourself. Which brings us to…

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

This is one of the biggest misconceptions. In reality, there are thousands of down payment assistance programs available, designed to help buyers bridge the gap.

Yet, surveys show that nearly 4 in 10 people don’t even know these programs exist. That means many potential homeowners are closer to buying than they realize — they just haven’t connected with the right resources yet.

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.”

These programs can come from state and local agencies, non-profits, or even certain lenders. The trick is knowing where to look — and that’s where having an experienced guide matters.

Bottom Line

If the idea of a down payment has been the thing keeping you from starting your home search, it’s time to take a closer look at the facts. You might not need as much as you think, and you don’t have to figure it out alone.

I help clients every day explore their financing options, connect with trusted lenders, and discover programs they never knew existed. Together, we can create a plan that fits your budget, your goals, and your timeline — so you can step confidently into the next chapter of your life.

📞 Call me at 860-985-4363 or head to melindatherealtor.com for your free consultation.
💬 Never too busy for you to be my #1 client
#MarketUpdateCT #CTHousingTrends #TollandCountyHomes #WindhamCountyRealEstate #RealEstateInsights #PlanYourMoveCT