Buying a home can feel overwhelming, especially when you think about the down payment. Many believe they need a massive sum upfront, but often, that’s just not true. At Best Option Mortgage, we’re here to reassure you—you might be closer to owning than you think.
In this blog, we’ll debunk common down payment myths, reveal real options, and explain how we guide you through the homebuying journey with confidence and clarity.
Let’s dive in.
1. Myth: “I Need a Huge Down Payment”
Many homebuyers pause when they hear “down payment,” imagining tens of thousands of dollars saved. That belief can delay your dream of homeownership.
But here's the truth: According to a Morning Consult and NeighborWorks poll, 70% of Americans think they need at least 10% down, and 11% are unsure of what’s required.
The National Association of Realtors (NAR) reports that first-time buyers typically put down just 6%–9% since 2018.
FHA loans require as little as 3.5% down.
VA loans often require no down payment at all for eligible veterans
Bottom line: You don’t need a big down payment to make homeownership a reality.
2. Myth: “Saving for a Down Payment Takes Forever”
The thought of saving thousands may feel like a marathon—but it doesn't have to be.
While the time needed varies by income and location, studies suggest that buyers reach their down payment goals faster than they expect—especially when that goal is under 10%
Many buyers also tap into down payment assistance (DPA) programs. Shockingly, 39% of people don’t even know these exist. That means many who think they’re years away from owning could actually be ready right now.
With the right plan—and expert help—you may not need to wait as long as you think.
3. Myth: “I Have to Do It All on My Own”
If you’ve been saving for a down payment all alone, you’re NOT behind—you’re just common.
Countless buyers don’t realize that thousands of DPA programs exist across the country to give your savings a serious boost. These programs are often underutilized—but powerful.
Miki Adams, President of CBC Mortgage Agency, puts it well:
“With high interest rates and soaring home prices, down payment assistance is more essential than ever.”
Best Option Mortgage makes this easier. We guide you to local programs, grants, and creative solutions that reduce your upfront burden—and bring homeownership within reach.
4. Myth: “20% Down Is Always Best”
Putting 20% down does have benefits—like avoiding Private Mortgage Insurance (PMI), lowering your monthly payment, and building equity fast.
But—and it's a big one—that’s often not your only option.
For most buyers, lower down options are practical and smart. FHA, VA, and USDA loans all offer alternatives that make sense, depending on your finances and goals.
Important: A smaller down payment may mean higher interest or PMI. But letting those extra dollars stay in your savings—even to invest or cover moving costs—can often outweigh the downsides.
5. How to Save Smarter and Faster
If saving for a down payment still feels daunting, try these helpful strategies:
Explore down payment assistance programs available in your area.
Tap into IRA or Roth IRA funds—sometimes, first-time buyers get penalty-free access for a home.
Get creative: take a side gig, sell items you no longer need, or downsize your budget for a bit.
Best Option Mortgage can help you find and apply for assistance—so you don’t have to go it alone.
6. Why Best Option Mortgage Makes Homeownership Real
You don’t have to be stuck in myths or stressful saving cycles. Here’s how we support you:
A. Personalized Guidance
We help you understand all your options—from loan programs that require less down to grants that don’t require repayment.
B. Local Expertise
Our team knows California—and national—assistance programs that others don’t. We match you to what works in your area.
C. Financial Strategy & Support
We help you plan your savings, budget smartly, and secure a loan that fits your life—without overreaching or limiting your other financial goals.
The Real Message: You May Be Closer Than You Think
Putting it all together:
Down payments aren’t as high as you think—for many, just 3.5%–9% is enough.
Some loans require zero down for qualified buyers.
DPA programs are out there—and a lot of people don’t even know it.
You don’t have to do it alone.
It’s never been clearer: homeownership might be in reach sooner than you expect. All you need is the right help. That’s where Best Option Mortgage comes in.
Ready to Get Started?
If you’ve been waiting for “enough” money, this post is your sign to re-think. Down payment fears shouldn’t stand between you and your home.
Take the first step today:
Let’s review your options.
Let’s explore assistance programs you didn’t know existed.
Let’s make your homebuying dream a reality—with planning, care, and expertise.
Contact Best Option Mortgage today. With the right guidance, you may be packing sooner than you think.
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.