⏳ Think It Takes 8 Years to Save for a Home? Think Again!
🤯The Myth That Won’t Quit: 20% Down = Homeownership
If you've been holding off on buying a home because you’re saving for a 20% down payment—take a deep breath. That “rule” is more myth than reality, and it’s keeping a lot of future homeowners stuck on the sidelines.
A recent article from the 🔗National Association of Realtors (NAR) revealed that most first-time buyers aren’t putting down 20%. In fact, they’re putting down far less:
The typical first-time buyer puts down just 6%–9%
FHA loans (used by 29% of first-time buyers) require just 3.5% down
VA loans (used by 9%) require 0% down
Most buyers piece together their down payments using savings, gift funds, or retirement accounts
And 91% of first-time buyers finance their homes—so you're not alone
🧮 How Long Should It Take to Save for a Home?
The recent🔗 Realtor.com study calculated the time it would take to save for a 20% down payment based on saving 15% of your household income each year. The national average came out to about 8 years—and Arizona was right there at 8 years and 4 months.
But here’s where things shift: if we use the same math with more realistic down payments—like 6% to 9%, which most first-time buyers actually put down—the savings timeline shortens significantly. For a $430,000 home:
6% down: $25,800 → about 2.5 years to save
9% down: $38,700 → about 3.8 years to save
Not bad at all, right?
🧠 If the Math Makes Your Head Spin, Don’t Worry—I’ve Got You
If you’re thinking, "Jenn, this is way too many numbers for one cup of coffee", I totally get it.
Here’s what you really need to know: it doesn’t have to take nearly as long as you think to buy a home—and you don’t have to figure it all out on your own.
💸 You Might Not Need a Down Payment at All
This is the part I love sharing: there are programs that can help you get into a home with little to no money down.
We’ve talked about them before—🔗down payment assistance (DPA) programs that offer grants or forgivable loans, 🔗0% down loans like VA and USDA, and flexible options like FHA, HomeReady, and Home Possible. Depending on your situation, you could be in a home much sooner than you thought possible.
Even if you’re not eligible for one of the big-name programs, we can find the best fit for you and create a plan that makes the most of your time and money.
✨ Real People. Real Plans. Real Results.
Still not convinced homeownership is possible without a mountain of savings? Let me introduce you to three amazing buyers who made it happen—with just the right mix of the right loan, solid strategy, and a little help from their village.
🍎 Sarah the Schoolteacher – $0 Out of Pocket
Sarah teaches 3rd grade and was tired of paying more in rent than her coworkers were paying on their mortgages. With a purchase price of $350,000 in Buckeye, we used the HOPER down payment assistance program, which covered her entire 3.5% down payment on an FHA loan.
Her rockstar agent team negotiated enough seller concessions to cover all of her closing costs—and the cherry on top? We were able to finance the cost of the new solar panel system into the loan - giving her a sunny start to sustainable homeownership. Sarah didn’t bring a dime to closing—and she now owns a beautiful home all on a teacher’s salary.
🎖️ Jorge the Soldier – 100% Financing + Family Support
Jorge is an active-duty U.S. Army servicemember who used his VA loan, which meant no down payment required. His home purchase needed $10,000 in closing costs—he brought $5,000 of his own savings, and the remaining balance was covered by a credit from his real estate agent, who just so happens to be his cousin (family for the win!).
Jorge didn’t just walk away with the keys—he walked away with pride knowing his service helped open the door to his own home.
🏡 Jessica the Saver – 1% Down + Big Picture Thinking
Jessica’s plan took a little creativity and a lot of determination. She used the 1% down payment conventional loan program to buy a $400,000 home. She brought $4,000 of her own funds, and the program covered the remaining 2% down with a grant.
To cover her closing costs, Jessica made a short-term sacrifice—she moved back home with her mom for six months after her lease ended. That allowed her to save the $10,000 needed to seal the deal. She’s proof that temporary moves can lead to major milestones.
🐼 Let’s Create Your Custom Game Plan
Everyone’s path looks different—but there are more ways than ever to make homeownership happen without waiting years or draining your savings account. From teachers to soldiers to savvy savers, I’ve helped all kinds of buyers create plans that actually work.
You don’t need a perfect credit score, a massive down payment, or years of saving. You just need a plan—and a mortgage mama bear to help guide the way. Let’s turn “someday” into soon.
