Down Payment Myths That Keep People From Buying - Part 11/50

How to Buy a House - Part 11/50 MYTH: You need 20% down to buy a house REALITY: Most first-time buyers put down 3-7%! YOUR OPTIONS: FHA: 3.5% down (credit score 580+) Conventional: 3% down (first-time buyers) VA: 0% down (veterans/military) USDA: 0% down (rural areas) THE MATH: $250K house: 20% down = $50K (takes years to save!) 3.5% down = $8,750 (way more doable!) THE TRADE-OFF: Lower down payment = PMI ($100-200/month) BUT you start building equity NOW instead of waiting years! MYTH #2 BUSTED: "Low down payment means you can't afford it" ❌ WRONG! It means you pay PMI temporarily while building equity MYTH #3 BUSTED: "Sellers won't accept low down payment offers" ❌ WRONG! Sellers care about price and closing timeline, not your down payment % You'll also need closing costs (2-5%), but some can be negotiated. Tomorrow: where to save that down payment money! This is why people wait YEARS to buy when they could start building wealth NOW. Don't let this myth hold you back! #buyingahouse #homebuyingprocess #homebuyingtips