Not Anymore—and Here’s What You Should Know

For many buyers, the biggest obstacle to homeownership isn’t credit or income—it’s a belief that they must save 20% for a down payment before they can even get started.

At Ross Mortgage, we hear this concern every day. And the truth is reassuring:
20% down is not required for most homebuyers.

Let’s walk through the facts—clearly, honestly, and without confusion.

How the 20% Down Payment Myth Started

Putting 20% down has long been considered a “traditional” benchmark because it can offer benefits like avoiding private mortgage insurance (PMI) and starting with more equity.

But over time, traditional became misunderstood as mandatory.

Today’s mortgage options are designed to meet buyers where they are—especially first-time buyers—and that means more flexibility than ever before.

What Down Payment Options Actually Look Like Today

Many buyers are surprised to learn how accessible homeownership can be. Depending on your situation, loan options may include:

Conventional Loans

• As little as 3% down for qualified buyers
• Popular with first-time homebuyers

FHA Loans

• 3.5% down
• Designed to make buying more achievable with flexible guidelines

VA Loans

• 0% down for eligible veterans and service members
• No monthly mortgage insurance

USDA Loans

• 0% down for qualifying rural and suburban areas
• Income and location guidelines apply

There is no one-size-fits-all answer—which is why understanding your options matters.

What About Private Mortgage Insurance (PMI)?

PMI often gets a bad reputation, but it doesn’t have to be a dealbreaker.

Here’s what many buyers don’t realize:

• PMI is not permanent
• It can often be removed once enough equity is reached
• In many cases, it’s far more affordable than waiting years to save 20%

For some buyers, moving forward sooner—rather than waiting on the sidelines—can be the more confident financial decision.

The Cost of Waiting Can Be Higher Than You Think

Saving longer isn’t always the safer option.

While you wait:

• Home prices may continue to rise
• Interest rates can change
• Rent payments don’t build equity

That’s why Ross Mortgage focuses on helping buyers see the full picture, with side-by-side scenarios that show how different down payments affect monthly payments, long-term costs, and overall comfort.

No guesswork. No pressure. Just clarity.

So, How Much Should You Put Down?

The right down payment is the one that fits your goals, budget, and comfort level—not a myth.

At Ross Mortgage, our local loan experts guide you step-by-step:

• Explaining loan options in plain language
• Showing transparent costs upfront
• Helping you make a confident, informed decision

From pre-approval to closing, you’ll always know what to expect.

Let’s Make Homeownership Clear and Achievable

If the idea of needing 20% down has been holding you back, it may be time for a clearer conversation. You might be closer to homeownership than you think.

Start your pre-approval with Ross Mortgage today and experience honest guidance, transparent options, and a process designed to feel personal, straightforward, and stress-free.