Dear Dave,

My husband and I are newlyweds and one of our main goals is to buy our first house together as soon as possible. Since we’ve never bought a house before, we’re a little confused about how much we need to save for a down payment. We have some money saved up but we really feel like we need a plan.  Do you really have to have 20%?  We sure hope not because it feels like it will take us forever to save that amount and it’s making us feel defeated.

– Jessica & Matt, Fruita

Jessica & Matt,

First of all—congratulations! Both on the wedding and for setting your sights on homeownership. That’s an exciting milestone, and it’s great that you’re planning ahead. There’s a lot of noise out there about what it takes to buy a home, but let me help you clear up one of the biggest myths right off the bat:

No, you do not need a 20% down payment to buy a home.

In fact, most buyers—especially first-timers—don’t put 20% down.

So where did that 20% idea come from?

The 20% figure is more of a guideline than a requirement. It’s true that putting 20% down can help you avoid private mortgage insurance (PMI), and it can lower your monthly payment—but it’s not a rule. For many buyers, especially in today’s market, waiting until they’ve saved that much can delay homeownership for years unnecessarily.

According to a recent report from Keeping Current Matters, the average down payment for first-time buyers is just 8%. For repeat buyers, it’s closer to 19%, but even that is an average—not a mandate.

What are your actual options?

There are a number of loan programs designed specifically to help first-time buyers, many of which offer flexible down payment options:

• FHA loans can require as little as 3.5% down
• Conventional loans can go as low as 3% down for qualified buyers
• VA loans (for eligible veterans and service members) often require no down payment
• USDA loans (for qualifying rural areas) also offer 0% down

Each program comes with its own set of requirements regarding credit, income, and property type—but the bottom line is: you have options.

Why this matters now

While it’s smart to be financially prepared, waiting until you’ve saved 20% could mean missing out on a home altogether—especially with home prices continuing to rise. And in places like Mesa County, where competition can be high, getting your foot in the door sooner could be the better long-term financial move.

Here’s what I recommend:
Sit down with a local lender (I’m happy to connect you with a few great ones) and get pre-approved. They’ll walk you through how much you really need to put down, what your monthly payment might look like, and which loan programs you qualify for.

You’ve taken a great first step just by asking the question—now let’s map out a plan to make your dream of owning a home a reality. You don’t have to go it alone!

Best of luck to you both!
Dave Kimbrough
The Kimbrough Team – RE/MAX 4000

HAVE A QUESTION? ASK DAVE!

Dave@thekimbroughteam.com