“I Can’t Buy a Home Because of the Down Payment”—Still Believing That?

Buying a home should feel exciting, but when people hear “down payment,” anxiety often takes over. Maybe you’ve thought:

• “I’ll never save enough.”

• “I need tens of thousands before I can start.”

• “Maybe renting forever is the only option.”

You’re not alone—but many of these fears are based on myths, not facts. Today, let’s clear up the top three misconceptions about down payments and show why homeownership may be closer than you think.

Myth #1: “You Need at Least 10% Down”

Most Americans believe this, and surveys confirm 70% think the minimum is 10% or more. The truth:

• First-time buyers’ average down payment is 6–9% (NAR data).

• FHA loans require as little as 3.5%.

• VA loans? 0% down for qualified veterans.

Myth #2: “It Takes Forever to Save”

Not true for most buyers. In many states, saving for a down payment can take less than 5 years, especially if you don’t need the full 10% people assume. Lower down payment loan options make the goal achievable much sooner.

Myth #3: “You Have to Cover It All Yourself”

Thousands of down payment assistance (DPA) programs exist nationwide—yet 39% of buyers don’t know they’re available. These programs can offer thousands to tens of thousands in help, especially for first-time buyers and moderate-income households. Illinois has excellent programs too—don’t miss out.

Bottom Line

Down payment myths are holding too many people back. You don’t have to do this alone, and you may qualify for assistance that makes your first home much more attainable than you think.

📍 Ready to explore your options?Let’s create a plan for your situation.

Sang Han

📱 773-717-2227

📧 ChicagoBDB@gmail.com