You do not need to put 20% down to buy a house. In fact, many first-time buyers purchase homes with a much smaller down payment. Plus, some people can even buy a home with zero money down. Believing you must save a full 20% is a common myth. Sadly, it stops many people from ever starting the home-buying process.
Why is the 20% down payment rule a myth?
The idea that you absolutely must have a 20% down payment is simply outdated. Today, the amount you need basically depends on the kind of loan you use. Because of that, you have a lot of flexibility when you purchase a home. You could put as little as zero money down or pay 100% in cash. Ultimately, there is nothing set in stone about exactly how much you must pay upfront.
What are common down payment options?
Different loan programs have different down payment requirements. However, they are almost always much lower than 20%. For example, if you use an FHA loan, the minimum down payment is about 3.5%. You might also use a conventional loan instead. These loans offer their own low down payment paths. As you go through the process, you will work out these specific financial details directly with your lender.
Are there zero-down options in Washington state?
Yes, you can absolutely buy a home with no money down. Even for first-time homebuyers, we have a zero down payment option available. In Washington, specific state programs and loan types completely cover your down payment. So, if saving a massive amount of cash is the only reason you have not started looking for a house, you actually have great options right now.
Have more questions about your down payment options? Visit spokanehomeguy.com or call 509-990-SOLD (7653) — we’re happy to walk you through it and put together a solid game plan for getting into your new home.
FAQ
For most buyers, an FHA loan requires a down payment of about 3.5%. This is a very popular choice for first-time homebuyers. It keeps your upfront out-of-pocket costs relatively low compared to a traditional 20% down payment.
Yes, zero down payment options absolutely exist. We actually have specific programs that allow eligible buyers, including first-time homebuyers, to purchase a property with no money down. Your lender will help you determine if you qualify for these options.
No, you are not limited to just one loan type. You can use an FHA loan, a conventional loan, or specific zero-down programs to buy a home without a massive down payment. The exact amount you need depends entirely on the loan product you choose.
