The Down Payment Misconception

One of the primary barriers to homeownership is the belief that a large down payment is required to get started. According to a recent report from Fannie Mae, only 10% of potential homebuyers are aware that they can buy a home with as little as 5% down or even less. The reality is that many first-time buyers believe they need anywhere between 15% and 20% saved before they can consider purchasing a home.

This widespread misunderstanding can discourage individuals from exploring homeownership opportunities, preventing them from taking advantage of one of the best wealth-building tools available.

What Are Your Options?

The good news is that you don’t need 20% down to buy a home. There are several mortgage programs designed to make homeownership more accessible, especially for first-time buyers. Each loan program has it's minimum down-payment requirement depending on what you qualify and your financial situation would influence our approach in making sure we seek all possibilities for you. At New American Funding, we offer our own internal down payment assistance programs that our clients can explore, in addition to options provided by the Washington State Housing Finance Commission and local resources like Kitsap County's Community Frameworks programs. If you aren't sure what these programs entail and are someone looking for help with down payment - reaching out to us is a must!

Each of these programs can significantly reduce the up-front costs of buying a home, allowing more people to transition from renting to owning—and begin building wealth through home equity.

At the end of the day, the down payment doesn't need to be a roadblock. As a local mortgage professional, I specialize in helping buyers navigate the wide variety of financing options available. Whether you’re ready to buy or just beginning to explore your options, I’m here to provide clear, accurate information to help you understand what’s possible.

By educating yourself on your down payment options, you can take a crucial step toward owning a home and building your long-term wealth right here in Kitsap County.

If you're ready to learn more about your home financing options or have questions about the home buying process, please set a time to schedule an appointment with me virtually or in-person at our office in Poulsbo, WA. Together, we can explore the programs that make the most sense for you and take the first step toward homeownership—and wealth creation.