Homebuying Myths: The 3 Lies Keeping You from Owning

According to Keeping Current Matters, many would-be buyers put their dreams on hold because of outdated or inaccurate beliefs about down payments. Let’s separate fact from fiction so you can see just how close you might be to homeownership.

The Down Payment Dilemma: Why Myths Hold Buyers Back

Buying a home is exciting—until the thought of the down payment turns enthusiasm into doubt. Many people convince themselves they’ll never save enough, that they need a huge lump sum, or that they’re destined to rent forever.
The truth? Much of what you’ve heard about down payments isn’t accurate. Once you know the facts, you might realize homeownership is more achievable than you think.

Myth #1: You Need a Massive Down Payment

A recent Morning Consult and NeighborWorks survey found 70% of Americans believe they need to put down at least 10% to buy a home. In reality, the National Association of Realtors reports that first-time buyers typically put down between 6% and 9%.
It gets better—FHA loans often require as little as 3.5% down, and VA loans may require no down payment at all. Depending on your situation, you could start your home search much sooner than you expected.

Myth #2: Saving Will Take Forever

While building a down payment fund takes discipline, it may not be as time-consuming as you think. Your location, budget, and savings strategy all play a big role.
Many buyers assume they must hit the 10% mark before purchasing, but in reality, most put down far less. This means your savings goal could be within reach much sooner—and you may even qualify for programs that reduce the amount you need to save.

Myth #3: You Have to Do It Alone

This is one of the most costly misconceptions. Across the U.S., thousands of down payment assistance programs exist to help buyers bridge the gap—but nearly 40% of people don’t know they’re available.
From state grants to special lending programs, these resources can make homeownership possible far sooner than many expect.

Bottom Line

If the idea of a down payment has been holding you back, it may be time to take a closer look. You might need far less than you think, and a variety of assistance programs can help bridge the gap. Connecting with Indigo Skye Group is the first step to finding your new home. Our team will guide you through the process and help you discover the perfect property.

source: www.keepingcurrentmatters.com