Somewhere along the way, a LOT of people learned this rule:
Want to buy a house?
Save 20% for the down payment.
And until you have it?
Keep renting.
Keep saving.
Keep waiting.
Except…
That’s not necessarily how this works. 😂
Depending on your finances, the property, the loan program and your eligibility, there may be mortgage options requiring considerably less than 20% down—and certain eligible borrowers and properties may even qualify for options with no down payment requirement.
So if the only thing keeping you from talking to someone about buying a home in Bartow County is:
“I don’t have 20% saved.”
Please keep reading.
Because you may be waiting for a number you never actually needed.
💰 First: Down Payment and Closing Costs Are NOT the Same Thing
This trips buyers up all the time.
Your down payment is the portion of the purchase price you’re paying toward the home rather than financing.
But there can also be other money associated with purchasing a home.
Depending on the transaction, that may include things like:
Closing costs.
Prepaid expenses.
Home inspection expenses.
Appraisal fees.
Earnest money.
Insurance-related expenses.
Other transaction-specific costs.
So when someone tells me:
“I have $20,000 saved to buy a house.”
My next question isn’t automatically:
“Great! What house price does that equal?”
We need to understand the whole financial picture.
Because we don’t want to put every dollar you own into getting through the front door and then realize:
Cool. We own a house and have $14.72.
😂
🏦 Conventional Loans May Allow Less Than 20% Down
One of the biggest misconceptions about conventional financing is that:
Conventional = 20% down.
Not necessarily.
Some conventional loan programs may allow qualified borrowers to purchase with significantly less than 20% down.
Exact requirements depend on the loan program and borrower qualifications.
If you put less than 20% down, private mortgage insurance—often called PMI—may be required.
And here’s where buyers sometimes make another assumption:
“PMI is bad, so I should wait until I have 20%.”
Maybe.
Maybe not.
That’s a financial decision worth evaluating rather than automatically assuming.
If waiting several more years to accumulate 20% keeps you from buying a home you otherwise could responsibly afford, you should at least understand the numbers before deciding.
🏡 FHA Loans Can Be Another Option
FHA-insured financing can be an option for some buyers who don’t have a large down payment saved.
These loans have their own qualification standards, mortgage-insurance requirements and property requirements.
They’re not automatically:
“The first-time buyer loan.”
And they’re not automatically:
“The loan for people with bad credit.”
They’re simply another financing tool that may make sense for certain borrowers.
Your lender can compare FHA financing with other options and help you understand the differences in:
Down payment.
Monthly payment.
Mortgage insurance.
Upfront costs.
Qualification requirements.
And long-term financial impact.
The goal isn’t to pick the loan with the coolest acronym.
😂
It’s to pick the financing that makes sense for YOU.
🇺🇸 VA Loans May Offer Eligible Buyers a Zero-Down Option
For eligible veterans, active-duty service members and certain surviving spouses, VA-backed financing can be an incredibly valuable home-buying benefit.
Eligible borrowers may be able to purchase without a down payment, subject to VA and lender requirements.
VA financing also has specific rules involving eligibility, funding fees, property standards and other requirements.
If you’ve served and aren’t sure whether you qualify…
Please don’t assume you don’t.
Talk to a knowledgeable VA lender and find out.
You’ve earned the right to understand the benefit available to you.
🌾 USDA Financing Can Be Especially Interesting Around Here
Now THIS one is worth knowing about when we’re talking about Bartow County and surrounding areas.
USDA Rural Development financing may allow eligible buyers to purchase qualifying properties with no down payment requirement.
But—and this is a very important BUT—
USDA eligibility depends on BOTH the buyer and the property.
There are household-income limits.
The property must meet applicable location and program requirements.
The home must qualify.
The borrower must qualify.
And not every property in Bartow County will be eligible.
So don’t see:
“USDA = zero down”
and immediately start shopping based on that sentence.
😂
We need your lender to determine your eligibility and confirm whether the specific property works for the program.
But for the right buyer and property?
It’s absolutely an option worth discussing.
💵 What About Down-Payment Assistance?
There may also be down-payment or home-buyer assistance programs available to qualifying Georgia buyers.
These programs can change.
Funding can change.
Income limits may apply.
Purchase-price limits may apply.
Credit and education requirements may apply.
Some programs may be tied to particular lenders or loan products.
And availability isn’t guaranteed.
That’s why I don’t want to put a giant:
“FREE MONEY FOR EVERYONE!”
banner across the internet.
😂
That’s not how assistance programs work.
But if lack of cash is your biggest obstacle, it’s absolutely worth asking a lender:
“Are there any current programs I might qualify for?”
That’s a much better strategy than assuming there aren’t.
🤔 So Why Would Anyone Put 20% Down?
Because for some buyers…
It makes perfect sense.
A larger down payment may:
Reduce the amount borrowed.
Lower the monthly principal-and-interest payment.
Potentially eliminate PMI on certain conventional financing.
Affect the strength or structure of an offer.
Change overall loan costs.
Provide other financial advantages depending on the situation.
And some buyers simply prefer having more equity from Day One.
There’s nothing wrong with putting 20% down.
There’s nothing magical about putting 20% down either.
The right amount is the amount that makes sense within your overall financial plan.
🧮 The Question Isn’t Just:
“How Much Can I Put Down?”
I also want you thinking about:
How much cash will you have AFTER closing?
Do you have an emergency fund?
Will the house need immediate repairs?
Are you planning to buy furniture?
Will you need appliances?
Are there moving expenses?
Do you have other financial goals?
Because here’s the scenario I don’t love:
Buyer has $50,000.
Buyer puts practically all $50,000 into purchasing the house because:
“Bigger down payment = better.”
Then…
HVAC quits.
Car needs repairs.
Water heater decides it’s had enough of this life.
And suddenly we’re eating ramen by candlelight in a very nice house.
😂
Liquidity matters too.
Talk through the complete picture with your lender and, when appropriate, your financial advisor.
📊 Don’t Compare Down Payments Without Comparing Monthly Payments
Suppose you have several possible financing structures.
One requires less cash upfront but creates a higher monthly payment.
Another requires more cash upfront but reduces the monthly obligation.
One may include mortgage insurance.
Another may have different fees.
There may be differences in interest rate.
Different loan programs can also affect what properties qualify.
Don’t compare ONE number.
Compare the entire loan.
Ask your lender to show you realistic scenarios.
Sometimes seeing the numbers side-by-side makes the decision much easier.
🏠 Your Price Range Still Needs to Fit Your LIFE
A lower down-payment requirement doesn’t mean:
“Woohoo! Buy the most expensive house they’ll approve!”
😂
We talked about this in my step-by-step home-buying guide.
Your lender may approve you up to a certain amount.
That does not mean you have to spend it.
Your housing payment needs to coexist with:
Groceries.
Cars.
Children.
Travel.
Retirement.
Pets.
Hobbies.
Restaurants.
Concert tickets.
Your inexplicable Amazon purchases.
And whatever else makes your life YOUR life.
A mortgage payment shouldn’t require you to stop living.
📍 And the PROPERTY Matters Too
This becomes particularly important in Bartow County.
Depending on the financing you’re using, the property itself may need to satisfy certain requirements.
And Bartow County has a little bit of everything:
Traditional subdivisions.
Historic homes.
New construction.
Older homes.
Rural properties.
Homes with acreage.
Properties with wells and septic systems.
Manufactured homes.
Unique properties.
That’s another reason I like knowing how you’re planning to finance BEFORE we start seriously shopping.
Your financing can influence which properties make sense for your search.
🚨 Please Don’t Let Social Media Decide Your Mortgage
This deserves its own section.
😂
You will see videos saying:
“NEVER put 20% down!”
Then you’ll scroll three videos and see:
“If you can’t put 20% down, you can’t afford a house!”
And then:
“Everyone qualifies for this secret government program!”
Ma’am.
No.
😂
Mortgage financing is highly individual.
Your income.
Credit.
Debt.
Assets.
Employment.
Property.
Loan amount.
Location.
Eligibility.
And overall financial situation all matter.
TikTok does not have your loan application.
Your lender does.
Get actual numbers.
❤️ A Front Porch Rachel Thought
One of the biggest reasons people don’t start the home-buying process isn’t that they can’t buy.
It’s that they assume they can’t.
They assume:
Their credit isn’t high enough.
They don’t earn enough.
They have too much debt.
They need 20% down.
They need another year.
They need another $30,000.
Maybe they’re right.
But maybe they’re not.
And that’s why my favorite first step isn’t:
“Let’s go look at houses!”
It’s:
“Let’s find out where you actually stand.”
Because if you’re not ready?
Great.
Now we know WHY.
Maybe you need six months.
Maybe you need to pay something down.
Maybe you need to save a specific amount.
Maybe there’s something on your credit report to address.
Now you have a plan instead of a vague:
“Someday.”
And if you discover you’re closer than you thought?
Well…
Then we get to start looking at houses. ❤️
So if you’ve been sitting on the sidelines because you don’t have 20% saved…
don’t automatically count yourself out.
Let’s connect you with a knowledgeable lender.
Get actual numbers.
Look at your options.
And figure out whether buying a home in Bartow County is something for:
Someday.
Next year.
Six months from now.
Or maybe…
sooner than you thought.
Real Estate. Real Life. Rachel.
Loan programs, down-payment requirements, mortgage insurance, interest rates, assistance programs, property eligibility and borrower qualifications vary and can change. This article is general educational information and is not mortgage, legal, tax or financial advice. Consult a qualified mortgage professional regarding your individual eligibility and financing options.
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