The 20% Down Myth Is Costing You Rent Money

Q: Do I really need 20% down to buy a house?

No. That's the most persistent myth in real estate. FHA loans require as little as 3.5% down, conventional loans as little as 3% for qualified buyers, and VA and USDA loans require zero down. On a $350,000 home, 3.5% is $12,250 — not $70,000.

Q: What credit score do I need to buy my first home?

FHA loans open up at a 580 credit score (3.5% down), and conventional loans typically want 620+. Your score affects your options, but a less-than-perfect score is a speed bump, not a wall — many buyers qualify sooner than they think.

Q: Can I get help with my down payment?

Yes. Every state I lend in runs down payment assistance programs — grants, forgivable loans, and deferred second mortgages that can cover some or all of your down payment and closing costs. Most buyers never hear about them because their lender never mentions them. I will.

Q: How much house can I afford?

A common guideline is that lenders allow up to about 45% of your gross monthly income toward total debts. But the real answer depends on your income, debts, credit, and down payment. A free consultation gives you an exact number.

Every month you wait to save a down payment you don't actually need is another rent check gone forever. Here's how first-time buying really works — and the free checklist that walks you through it.

Get the Free Buyer Checklist How FHA Loans Work

Where the 20% Myth Came From

Twenty percent down avoids mortgage insurance on a conventional loan — that's the whole story. Somewhere along the way, "avoids PMI" turned into "required to buy." It isn't. On a $350,000 home, 20% is $70,000. But 3.5% down through FHA is $12,250 — a number most renters can actually reach, especially with down payment assistance.

3.5%FHA minimum down (580+ credit)

3%Conventional minimum for qualified buyers

0%Down with VA or USDA loans

80%+of FHA purchase loans go to first-time buyers

What You Actually Need to Buy

A down payment of 0–3.5% depending on your loan program — not 20%.
A credit score of 580+ for FHA (620+ opens conventional options).
Steady income and manageable debts — lenders generally want total debts under ~45% of gross monthly income.
Closing costs — typically 2–5% of the price, and seller concessions or assistance programs can cover part of them.
A pre-approval — free, and it tells sellers you're serious.

Down Payment Assistance: The Programs Nobody Tells You About

Every state I lend in runs assistance programs — Georgia Dream, Florida Housing, TSAHC in Texas, SONYMA in New York, NJHMFA, PHFA in Pennsylvania, CHFA in Connecticut. These offer grants, forgivable loans, and deferred second mortgages worth thousands toward your down payment and closing costs. See your state's page for details:

Georgia · Florida · Texas · New York · New Jersey · Pennsylvania · Connecticut

Already focused on a city? Start with a local guide: FHA loans in Marietta, GA · down payment assistance in Atlanta · FHA loans in Brooklyn, NY · first-time buying in Orlando, FL · FHA loans in Uniondale, NY.

My free first-time buyer checklist

The exact step-by-step I give my buyers: credit prep, documents to gather, how pre-approval works, what to watch at closing. Request it here or call/text (646) 977-1860 and mention HOME.

First-Time Buyer FAQs

Do I really need 20% down to buy a house?

No. FHA loans require as little as 3.5% down, conventional loans as little as 3% for qualified buyers, and VA/USDA loans require zero down. On a $350,000 home, 3.5% is $12,250 — not $70,000.

What credit score do I need to buy my first home?

FHA loans open up at 580 (3.5% down); conventional loans typically want 620+. A less-than-perfect score is a speed bump, not a wall.

Can I get help with my down payment?

Yes — every state I lend in runs assistance programs (grants, forgivable loans, deferred second mortgages). Check your state page for the programs near you.

How much house can I afford?

Lenders generally allow up to ~45% of gross monthly income toward total debts. A free consultation gives you your exact number — ask me.

Compare loan programs side by side, or if you already own with an adjustable rate, see the ARM Reset Hub.