Busting the 5 Biggest Myths About Down Payments

Let’s clear this up: You don’t need to be sitting on a mountain of cash to buy a home. 🏠💸
But way too many would-be buyers are holding back based on outdated or flat-out wrong information about what’s required for a down payment.
Let’s bust some myths and get you closer to the keys.

Myth #1: You *have* to put 20% down

Reality: Nope. Many programs allow as little as 3% down—or even 0% for VA or USDA loans.
Bonus: Even if you *can* put 20% down, you might not want to tie up all that cash.

Myth #2: You can’t buy if you don’t have tens of thousands saved

Reality: Depending on the price range and loan program, your actual down payment may be far more manageable than you think.
Bonus: Some buyers qualify for grants or down payment assistance programs.

Myth #3: Your down payment is the *only* money you need to close

Reality: There are also closing costs to plan for—but some can be negotiated or even covered by the seller.
Bonus: Your down payment goes toward your equity—this isn’t money "lost."

Myth #4: Gift funds aren't allowed

Reality: Many loan programs allow family members to gift all or part of your down payment—as long as it’s documented properly.
Bonus: If someone’s offering to help, it can be a huge leg up.

Myth #5: You can’t buy if you still have student loans

Reality: Lenders care more about your *debt-to-income ratio* than whether you have loans at all. Student debt doesn’t automatically disqualify you.
Bonus: A good lender can walk you through how your monthly payments impact preapproval.

Bottom line:

The down payment doesn’t have to be a dealbreaker. Let’s talk through your options and clear the path to homeownership.
📲 Text or call to schedule a consult—no pressure, just clarity.