20% Down? Not Always: The Down Payment Myth That Keeps Buyers Waiting

You do NOT always need 20% down to buy a home. 🏡

This is one of the biggest myths I still hear from future buyers.

A lot of people are sitting on the sidelines because they think they need tens of thousands of dollars saved before they can even start.

That may not be the case.

Loan Programs and Down Payment Options

Depending on the loan program and your qualifications, there may be options with:

• FHA: as little as 3.5% down
• Conventional: some programs allow low down payments
• VA: eligible borrowers may qualify for 0% down
• USDA: eligible buyers and properties may qualify for 0% down
• Down Payment Assistance: programs may also be available depending on your situation

Down Payment ≠ Total Cash to Close

But here's the part people sometimes miss...

Your down payment is not the same thing as your total cash needed to close.

You may also need to plan for things like:

• Closing costs
• Appraisal
• Inspections
• Prepaid taxes and insurance
• Earnest money or due diligence depending on the transaction
• Possible reserves depending on the loan

And every buyer is different.

Talk to Someone Early

That's why I would much rather have someone talk to me early, even if they think they are months away, than wait because they assume homeownership is out of reach.

Sometimes the answer is, "You're ready."

Sometimes it's, "We need to work on a few things first."

Either way, now you have a plan.

Francine Mira | Mortgage Loan Originator
Mathewson Mortgage Capital LLC
NMLS #2603041
649 S Post Road, Shelby, NC
Cell: 828-429-8368
francine@mmcapitalllc.com

Francine Mira | REALTOR®
RE/MAX Journey
NC REALTOR® License #326076
121 Laurel Dr, Rutherfordton, NC
Cell: 704-974-6460
francinemira@remax.net
francinemira@gmail.com

Each Office Independently Owned and Operated.

#FrancineMira #HomeBuyingTips #FirstTimeHomeBuyer #DownPayment #MortgageEducation #Homeownership #RutherfordCountyNC #WesternNorthCarolina