Buying a home is exciting — until you start thinking about the down payment. That’s usually when the anxiety sets in.
“I’ll never save enough.”
“I need a small fortune just to get started.”
“I guess I’ll just rent forever.”
Sound familiar? You’re not alone — and you’re definitely not out of luck.
Here’s the truth: a lot of what you’ve heard about down payments simply isn’t true. And once you understand the real numbers, you might realize you’re much closer to owning a home than you ever thought possible.
Let’s break it all down and clear up some of the biggest down payment myths in today’s Texas real estate market.
Myth 1: “I need to come up with a big down payment.”
This is one of the biggest misconceptions holding buyers back.
A recent poll from Morning Consult and NeighborWorks found that 70% of Americans believe they need to put at least 10% down to buy a home — and another 11% aren’t sure what’s required at all.
But the facts tell a different story. According to the National Association of Realtors (NAR), the typical down payment for first-time buyers has been between 6% and 9% since 2018.
Even better? Some loan programs make homeownership even more accessible:
- FHA loans: Require as little as 3.5% down.
- VA loans: Often require no down payment at all.
- USDA loans: Designed for certain rural areas, can also offer zero down payment options.
That means many Texas homebuyers could qualify for a home without needing a massive lump sum upfront.
If you’ve been hesitating because you think you need 20% down, it’s time to revisit that belief — especially with a trusted Texas real estate agent who can connect you to a qualified lender and help you explore all your options.
Myth 2: “It’ll take forever to save up for a down payment.”
Saving for a down payment takes discipline, but it doesn’t have to take forever.
In many parts of Texas, the timeline to save is actually shorter than most people expect — especially when you take into account income levels, housing prices, and available assistance programs.
According to recent housing studies, the time it takes to save for a 10% down payment varies by state, but Texas typically falls near the national average. And remember, you may not even need 10%. If you qualify for a 3% or 3.5% down loan, that timeline can shrink dramatically.
Here’s another thing most people forget: your entire down payment doesn’t have to come directly from your savings account. Between gift funds, tax refunds, bonuses, and state or local grant programs, there are many creative ways to build your down payment faster.
Even setting up an automatic monthly transfer into a dedicated “home fund” account can make a huge difference. The key is starting with a clear plan — not waiting for the perfect moment.
Myth 3: “I have to do it all on my own.”
This might be the biggest myth of all.
There are thousands of down payment assistance programs across the country — including several right here in Texas — designed to help buyers just like you. Yet a study from Morning Consult and NeighborWorks found that 39% of Americans don’t even know these programs exist.
These programs can offer grants, forgivable loans, or low-interest second mortgages that help cover your down payment and closing costs. Some are offered statewide, while others are specific to certain cities or counties.
For example, the Texas Department of Housing and Community Affairs (TDHCA) offers several programs for first-time and repeat buyers that provide financial assistance and competitive interest rates.
As Miki Adams, President of CBC Mortgage Agency, explains:
“With high interest rates and soaring home prices, down payment assistance is more essential than ever.”
That means the help is out there — you just need someone who knows where to look.
If you’ve been putting off buying a home because the down payment feels too overwhelming, it’s time to take a second look. You may not need as much as you think, and there are plenty of resources available to make your dream of homeownership a reality.
The best way to get started is to talk with a local Texas real estate agent who understands the market and knows which programs and lenders are best suited to your situation.
You don’t have to figure it out alone — and your first home might be closer than you think.
So ask yourself this:
If the down payment wasn’t the thing holding you back, would you be ready to start your home search today?