If you've been waiting on the sidelines because you think you need a massive pile of cash to buy your first home, you're not alone — and you may have been holding yourself back unnecessarily.

Searches for down payment information recently hit an all-time high on Google Trends, a clear signal that more buyers than ever are trying to figure out what they actually need to save before making a move. The good news? The answer is almost certainly less than you think.

Let's bust the biggest myth holding first-time buyers back.

The 20% Down Payment Myth — Debunked

The idea that you need 20% down to buy a home is one of the biggest misconceptions in the entire homebuying process — and the data debunks it. While there are benefits to putting that much money down, most first-time buyers put down far less.

So what does the real number look like?

According to the National Association of Realtors (NAR), the median down payment for first-time homebuyers is only 10%. On a $350,000 home, that's $35,000 — not $70,000. That's a significant difference that could change your entire timeline.

Low Down Payment Loan Options You May Not Know About

Unless it's specifically required by your lender, you typically don't have to have a 20% down payment — and there are even loan options designed to help you get into a home with a much smaller upfront cost.

Here's a quick breakdown of popular low-down-payment programs:

Down Payment Assistance: The Secret Most Buyers Miss

Here's where things get really eye-opening.

Research from Realtor.com shows that almost 80% of first-time homebuyers qualify for down payment assistance (DPA) — but only 13% actually use it. That means the vast majority of buyers who could be getting help simply aren't taking advantage of it.

In the U.S., there are over 2,600 homeownership assistance programs available, many offering significant financial support. These programs come in the form of grants (money you don't repay), forgivable loans, and deferred payment loans.

The average DPA benefit is $18,000 — making it one of the most essential tools for addressing the nation's affordability challenges, according to Down Payment Resource.

Should You Wait Until You Have 20%?

For most buyers, waiting to hit 20% is actually a costly mistake.

If you wait two years to save that extra 10–15%, home prices may appreciate faster than you can save. That means the goalpost keeps moving — and you keep renting.

Studies show that just 37% of Americans know that a 20% down payment isn't required to buy a home — which means the other 63% may be sitting on the sidelines for no reason at all.

The math is worth considering: buying sooner means you start building equity sooner. Every month you wait is a month of paying your landlord's mortgage instead of your own.

What Does This Mean for You?

The bottom line is this — if you've been putting off buying a home because you thought you needed 20% saved up, it's time to have a real conversation about your actual options.

As a local real estate expert, I help first-time buyers navigate loan programs, down payment assistance, and the full homebuying process every single day. The path to homeownership is more accessible than most people realize.

Ready to find out what you actually need to buy your first home?
Contact Avery Roberts Today and let's put together your personalized home-buying roadmap.