4 Common down payment myths that may be holding you back

Many potential homebuyers delay purchasing a home because they believe they need a large down payment to get started. In reality, there are many loan options available that may require less upfront than people expect.

Myth #1: You need 20% Down

Reality: While a 20% down payment may help borrowers avoid private mortgage insurance, it is not required for every mortgage loan.

Myth #2: You must have perfect credit

Reality: Mortgage options may still be available for borrowers with less-than-perfect credit. Speaking with an FVSBank lender can help buyers understand their options.

Myth #3: Down payment assistance doesn’t exist.

Reality: Some buyers may qualify for down payment assistance programs or other homebuyer resources depending on eligibility and location.

Myth #4: Renting is always cheaper

Reality: Monthly rent payments continue to rise in many areas. In some situations, buying a home may provide long-term financial advantages.