If you’ve been thinking about buying a home, chances are you’ve heard this before:

“I need to save 20% down first.”

We hear it all the time here in Parker. And honestly, it’s one of the biggest things holding buyers back unnecessarily.

Let’s clear this up.

The 20% Down Payment Myth

The idea that you have to put 20% down is just that—a myth.

Is there a benefit to putting 20% down? Sure. You can avoid mortgage insurance and lower your monthly payment a bit.

But is it required? Not at all.

In today’s market, most buyers—especially first-time buyers—are putting down far less.

Depending on the loan program, you could be looking at:

  • FHA loans: as low as 3.5% down

  • Conventional loans: sometimes as low as 3% down

  • VA loans: 0% down for qualified veterans

  • USDA loans: 0% down in certain areas

Bottom line: your down payment depends on your situation—not some outdated rule.

What Buyers Are Actually Putting Down

Here’s where it gets interesting.

According to the National Association of Realtors, the median down payment for first-time buyers is about 10%.

That’s half of what most people think they need.

And in many cases, we’re seeing buyers get in with even less.

So if you’ve been waiting to hit that 20% number, you may be waiting longer than you need to.

The Opportunity Most Buyers Miss: Down Payment Assistance

This is where things really open up.

There are a lot of down payment assistance (DPA) programs out there—and most buyers have no idea.

In fact, studies from Realtor.com show that nearly 80% of first-time buyers qualify for some form of assistance… but only about 13% actually use it.

That’s a huge gap.

Across the country, there are thousands of programs available, and many offer serious help. According to Down Payment Resource, the average benefit is around $18,000.

Think about that for a second.

That’s $18,000 that could go toward:

  • Your down payment

  • Closing costs

  • Or both

And in some cases, programs can even be combined.

That can dramatically change how quickly you’re able to buy.

What This Means for You

Here’s the reality we see every day working with buyers here in Parker and the surrounding areas:

A lot of people are fully qualified to buy a home…
they just don’t realize it yet.

They’re waiting, saving, and putting off the process because they think they need more than they actually do.

Bottom Line

You likely don’t need 20% down to buy a home.

And if that’s been your target, it might be worth taking a fresh look at your options.

The smartest next step isn’t guessing—it’s having a quick conversation with a knowledgeable lender who can break down:

  • What you actually need for a down payment

  • What loan programs fit your situation

  • Whether you qualify for any assistance

You may be a lot closer to buying than you think.