Homebuying Myth Busted: You Don’t Need 20% down or $1M to Own a Home!

For years, one of the biggest misconceptions in real estate has been the idea that you must have a 20% down payment to buy a home. While putting 20% down can help you avoid private mortgage insurance (PMI) and lower your monthly payments, it’s far from a requirement, especially in today’s market.

💡 The Truth About Low Down Payment Options

Many qualified buyers—including first-time homebuyers—are securing homes with as little as 3% to 5% down. That’s right! Programs like FHA loans, VA loans, USDA loans, and even some conventional loan options now make it possible to become a homeowner without needing a massive upfront investment.

Here’s a quick breakdown of some common low-down payment options:

• FHA Loans: Minimum down payment of 3.5% with flexible credit requirements

• Conventional 97 Loans: Just 3% down for qualified buyers

• VA Loans: 0% down for eligible veterans, active-duty military, and some spouses

• USDA Loans: 0% down for homes in designated rural areas

These programs are designed to make homeownership more accessible and affordable, especially for those who may not have a hefty savings account.

🏡 What You Really Need to Buy a Home

Buying a home is about more than just the down payment. Here’s what lenders typically look for:

• Credit score (the higher, the better, but many programs accept lower scores)

• Stable income and employment history

• Debt-to-income ratio (DTI)

• Cash for closing costs (which may be covered by grants or seller concessions)
  
  

  ✅ Final Thoughts: Don’t Let Homeownership Myths Hold You Back

  If you’ve been holding off on buying because you thought you needed a lot of funds, it’s time to rethink that plan. With today’s low down payment options, grants, and flexible loan programs, homeownership may be well within your reach.

  Stop letting outdated advice stop you from building wealth and stability.
  Let’s bust those myths—and start building your future. 🏡✨
  
  📣 Let’s Work Together
  
  If you're considering buying or selling your home, let's make your real estate dreams come true, too!
  Call, text, or email Ernest Van Glahn Today.....start packing 727-267-2347
  FB Page: Buy and Sell Guaranteed Realty
  Instagram Page: www.instagram.com/yourhomesoldguaranteedtampa
  Website: www.yourtampabayhomeinfo.com
  #RealEstateGoals #HomeSweetHome #FLRealtor #WesleyChapel #RealEstateSuccess #DreamHome #BuyAndSellGuaranteedRealty #BuyAndSellGuaranteedRealtyServices #BuyAndSellGuaranteedRealtyServicesBuyAndSellTeam #BuyAndSellTeam #ErnestVanGlahn #YourHomeSoldGuaranteedRealty #BuyAndSellGuaranteed #LandOLakesReaLEstate