I hear this one all the time. Buyers who are ready, motivated, and financially capable of purchasing a home, but sitting on the sidelines because they think they need 20% down first. I get it. That number sounds like the rule. It isn't.
The median down payment for first-time buyers is actually 10%, half of what most people assume is the entry point. And many of my clients close with considerably less than that. FHA loans allow as little as 3.5% down. There are conventional programs at 3%. Veterans can access VA loans with no down payment at all.
Here's what surprises most people when we sit down and actually talk through the numbers: approximately 80% of first-time buyers qualify for some form of down payment assistance, but only about 13% actually use it. The gap is almost entirely a knowledge problem. There are over 2,600 homeownership assistance programs available across the country, and Colorado has strong options through CHFA and local housing authorities. The average benefit nationally is around $18,000. Some buyers can stack multiple programs.
If you've been building toward 20% as your target, I'd love to have a conversation before you spend another year saving toward a number you may not actually need. The timeline to homeownership could be shorter than you think.
Reach out and let's run the real numbers for your situation.
Rachel Sartin
720.434.4319 | TheColoradoCollection.com
