Myth #1

You need a 20% down payment:

While it used to be standard to have 20% of a home’s price as a down payment, saving such a large sum of money may be impractical and could delay your home purchase for years.

“Within the last several years, we’re seeing more low down payment programs. It’s a great way to get into the market without having to save a ton of money.

While there are benefits to putting down 20%, including lower monthly payments and a lower interest rate, knowing what you can afford takes research and a close look at your finances.

“This is something that each and every person has to do on their own — crunch the numbers to see what works well for you.