The Truth About Down Payments (Hint: You Don't Need 20%)

“We want to buy, but we just don’t have 20% saved yet.”

I hear this a lot and if that’s where you’re at, I want you to know: you’re not alone, and that number is a myth.

Today’s homebuyers, especially in Mesa, Gilbert, and Queen Creek, are getting into homes with 3% down, 5% down, and even zero down if they qualify for VA or USDA and even some specialty Hometown Hero programs. And yes you can still get a great house (with a backyard for the dogs) without draining your savings.

Many of my clients are dual-income, no kids, and ready to stop renting but they’re stuck on the idea they need a huge chunk of cash upfront. Here’s the truth:

✅ You don’t need 20%
✅ You can get help with closing costs (especially with new builds)
✅ I’ve helped buyers combine down payment assistance with builder incentives, like the current Mattamy Homes deal at Empire Pointe, 50% off design center selections plus a 6% closing cost credit

Want quartz counters and a fenced yard without selling your soul to your landlord? Let’s talk.

You don’t have to figure this out alone. DM me or click over to book a zero-pressure consult.

💸 FAQ Section — The Truth About Down Payments (Hint: You Don’t Need 20%)

Q: Do I really need 20% down to buy a home?
A: Nope! Many buyers purchase homes with as little as 3% down, and VA or USDA loans may even allow 0% down. The 20% rule is outdated, what matters is your overall financial picture.

Q: What’s the average down payment for buyers in Mesa?
A: Most first-time buyers in Mesa put down between 3% and 5%. Move-up buyers sometimes use equity from their previous home to increase that amount, but it’s not required.

Q: What loan programs have low or no down payment options?
A: FHA loans require 3.5%, conventional loans start at 3%, and VA loans for eligible service members and veterans offer 0% down. There are also local down payment assistance programs in Arizona that help bridge the gap.

Q: Does putting less down make my mortgage riskier?
A: Not necessarily. You may pay private mortgage insurance (PMI) for smaller down payments, but it can be removed later and it often makes sense to buy sooner rather than wait years to save 20%.

Q: How can a realtor help with down payment planning?
A: I connect clients with trusted local lenders who specialize in first-time and VA loans, explain all your funding options, and help you find homes that fit your true budget, not myths.