💰 Blog #2: How Much Do I Need for a Down Payment?

Let’s clear something up right away — you don’t need 20% down to buy a house.That’s one of the biggest myths floating around in real estate, and honestly, it stops a lot of good people from even starting the process.

So let’s break down what a down payment really is, what options you actually have, and how to find a path that fits your budget and lifestyle.

💡 What a Down Payment Actually Is

Your down payment is the amount of money you pay upfront when buying your home.It’s your personal investment — the rest comes from your mortgage loan.

The amount you need depends on a few things:

• The loan type you’re using

• Your credit score

• Whether you’re a first-time buyer or not

• The price of the home you’re buying

🏦 Different Loan Options (And How Much You Really Need)

Here’s a quick rundown of common loan types and their typical minimum down payments:

• FHA Loan: 3.5% down (great for first-time buyers or lower credit)

• Conventional Loan: 3%–5% down depending on your credit and lender

• VA Loan: 0% down (for qualified veterans and active military)

• USDA Loan: 0% down (for certain rural or small-town areas — yes, many parts of Kendall, DeKalb, and LaSalle Counties qualify!)

So no — you don’t have to have $50,000 sitting in your bank account to buy a home.You just need a solid plan and the right loan program.

💬 What About Closing Costs?

Besides your down payment, you’ll also need to account for closing costs, which typically range from 2%–4% of the purchase price.

But here’s the good news — sometimes sellers can help cover a portion of these costs (called seller credits). That’s where having an experienced, creative agent (hi 👋) really comes in handy during negotiations.

🧭 My Go-Getter Tip

Don’t wait until you’ve saved a “perfect” amount — start with a conversation.A quick chat with a lender will show you your real numbers, loan options, and what programs you might qualify for. Sometimes people find out they can buy way sooner than they thought.

I’ve helped buyers close on homes with far less than they expected, simply because they took the first step and got informed.

❤️ The Bottom Line

Your down payment shouldn’t be what stops you from chasing your dream home.There are creative, flexible options out there — and I’ll help you find them.

📞 Let’s Figure Out Your Game Plan

Ready to find out how close you actually are to homeownership?I’ll connect you with trusted local lenders who’ll break down your options and help you start strong — no pressure, just honest guidance.

👉 Call or text me at 331-980-0461📧 Email: RealtorAlyssaB@gmail.com

I’ll walk you through every step so you can buy with confidence (and maybe a little excitement, too)