Buying a home is one of life’s most exciting milestones—until the thought of the down payment makes it feel out of reach. If you’ve ever thought, “I’ll never save enough,” or “I guess I’ll just keep renting,” you’re definitely not alone.
The good news? A lot of what you’ve heard about down payments simply isn’t true. Let’s unpack the most common myths and explore how close you might already be to homeownership—especially if you're searching in areas like Tacoma, Puyallup, Auburn, Sumner, SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, or Bonney Lake.
Myth 1: You Need a Huge Down Payment
Many people assume they need 10%–20% down to even consider buying a home. In fact, a poll from Morning Consult and NeighborWorks shows 70% of Americans think that 10% is the minimum. Another 11% aren’t even sure what’s required.
Here’s the reality: According to the National Association of Realtors (NAR), first-time buyers typically put down between 6% and 9%. And depending on the type of loan you qualify for, it could be even less. FHA loans allow down payments as low as 3.5%, while VA loans often don’t require a down payment at all.
That’s a game-changer for a lot of buyers—especially in competitive markets like those across South King and Pierce County.
Myth 2: It Will Take Forever to Save That Much
Yes, saving is a commitment. But how long it takes really depends on where you live and how much house you’re aiming for. Some buyers may be able to save for a down payment in just a few years—with the right plan.
Even better, remember that most buyers don’t need the full 10% to get started. You might be able to buy sooner than you think—especially if you're shopping smart in areas like Bonney Lake or Normandy Park, where price points can vary by neighborhood.
Myth 3: You Have To Do It All on Your Own
This is a big one. Nearly 4 in 10 people don’t know that thousands of down payment assistance programs exist across the country. These programs are specifically designed to help people like you—people who are financially responsible and ready to buy, but just need a little help with the upfront costs.
Some of these programs offer grants. Others provide forgivable or low-interest loans. And they’re more common than you think, especially in cities like SeaTac, Auburn, and Des Moines where local agencies often provide support for first-time buyers.
As Miki Adams, President of CBC Mortgage Agency, puts it: “With high interest rates and soaring home prices, down payment assistance is more essential than ever.”
So, What’s the Bottom Line?
Don’t let outdated myths stop you from stepping into the market. With the right loan, a smart savings plan, and possibly a little help from down payment assistance programs, owning a home in places like Tacoma or Puyallup may be closer than you think.
Want help getting started? I specialize in helping buyers throughout South King and Pierce County. Let’s connect and talk about what’s possible for you. You can explore more resources and start your journey at Your Real Estate Story.
