What You Really Need to Know Before Buying a Home
When you're thinking about buying a home, one myth often stands in the way: you need to put 20% down. This misconception has stopped countless would-be homeowners from even beginning the process. At Best Option Mortgage, we're here to bust that myth wide open—and help you step confidently into homeownership.
Let’s clear the fog around down payments and arm you with the facts that matter most.
The 20% Myth: Why It Persists
For years, buyers have heard the same advice: “You must put down at least 20% of the purchase price.” But here's the reality—most first-time homebuyers don’t do this. In fact, the median down payment for first-time buyers is just 9%.
So, where did this 20% figure even come from?
Historically, a 20% down payment helped buyers avoid paying private mortgage insurance (PMI). But over time, lenders realized not everyone can afford that much upfront—and they adapted.
Today, flexible loan options exist for nearly every budget.
The Real Numbers You Should Know
Let’s get down to brass tacks. According to national housing data:
Median down payment for first-time buyers: 9%
Many loans available with as little as 3.5% or even 0% down
That’s right—you could buy a home without saving up 20%. Programs backed by the FHA, VA, and USDA make homeownership more accessible than ever. And even conventional loans can be surprisingly flexible.
At Best Option Mortgage, our expert team can help you explore low-down-payment loans tailored to your unique situation.
You Have Options (Even With Limited Savings)
Still worried your savings won’t cut it?
Here’s something most people don’t know: there are programs designed specifically to help with down payments. In fact, nearly 80% of first-time buyers qualify for some form of assistance.
Yet, only 13% actually take advantage of these programs.
Why? Because too many buyers don’t know they exist.
Don’t miss out. These programs can provide an average benefit of $17,000—money that could go directly toward your down payment or closing costs.
Down Payment Assistance: What It Looks Like
Down payment assistance comes in several forms, including:
Grants (you don’t repay them)
Low- or no-interest loans (repaid when you sell or refinance)
Forgivable loans (fully waived after living in the home for a set number of years)
The key is finding what fits your income, location, and personal goals. At Best Option Mortgage, we help you uncover hidden gems in your local market and make sure you use every tool available.
Should You Put More Down If You Can?
While low-down-payment options are fantastic, some buyers choose to put more down. This can make your offer stronger in a competitive market. It may also reduce your monthly payments or help you avoid PMI.
But remember, you don’t have to put down more to qualify for a great mortgage. Homeownership is still within reach with a smaller down payment—especially with the right guidance.
How Best Option Mortgage Can Help
Navigating down payment options can feel overwhelming. But with the right partner, it’s manageable—and even empowering.
Here’s how Best Option Mortgage helps buyers like you:
Personalized loan consultations
Down payment assistance matching
Access to exclusive local and national programs
Clear explanations, real answers, and expert support
You don’t need to guess your way through the biggest financial decision of your life. Let our team guide you to the best mortgage option for your goals and budget.
Final Thoughts: Don’t Let Myths Steal Your Dream
It’s time to let go of the 20% myth—and start thinking realistically about what’s possible for you.
Thousands of people become homeowners every year with down payments far below 20%. With a little help, you can too.
At Best Option Mortgage, we specialize in breaking down barriers and simplifying the mortgage journey. Whether you’re just starting or ready to buy now, we’re here to walk beside you every step of the way.
Take the First Step Today
Ready to find out how much home you can afford—without 20% down?
Contact Best Option Mortgage today for a free consultation and let’s explore your down payment options together. Our mission is to help you move into a home you love, with a mortgage you can manage.
Disclaimer:
Best Option Mortgage is a DBA of ML Mortgage Corp. ML Mortgage Corp. is a state-licensed mortgage lender, NMLS ID #362312, licensed by the CA Department of Financial Protection and Innovation under the Finance Lenders Law, License #60DBO69831. For other states, visit www.mlmortgage.net. To verify licenses, visit www.nmlsconsumeraccess.org. All loans are subject to credit approval and acceptable collateral. Additional terms and conditions apply. Programs, rates, terms, and conditions may change without notice. Not all programs are available in all states. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. © 2025 ML Mortgage Corp. All rights reserved.