If you're thinking about buying a home in San Dimas, La Verne, Glendora, or Covina, there's a good chance you've heard you need to put 20% down to make it happen. Here's the truth: you don't.
One of the biggest myths in real estate—especially for first-time buyers—is the belief that a 20% down payment is required to purchase a home. According to the National Association of Realtors (NAR), most buyers are misinformed, and that’s holding many back from even starting their home search.
💡 What Is the Typical Down Payment?
Contrary to popular belief:
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First-time buyers typically put down just 6–9%, not 20%.
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Repeat buyers do often put down more, thanks to equity—but it's not always necessary.
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FHA loans allow as little as 3.5% down, and VA loans require no down payment at all.
This means if you’ve been sitting on the sidelines thinking you can’t buy until you save tens of thousands, you may actually be much closer to homeownership than you think.
🏡 Where Buyers Get Their Down Payments
According to NAR:
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69% of first-time buyers use their savings
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25% receive gifts or loans from family/friends
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Others tap into 401(k)s, stocks, crypto, or inheritances
The key takeaway? Most buyers use a mix of resources, and you don’t have to do it alone. The right strategy can open doors.
🏦 The Loan Options You Should Know
If you're buying in or around San Dimas, knowing your loan options is critical:
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FHA Loans – 3.5% down, popular for first-time buyers
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VA Loans – 0% down (for eligible veterans)
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Conventional Loans – often as low as 5% down
👋 Why This Matters in San Dimas
In markets like San Dimas, where home values are high and competition can be fierce, education is power. As a buyer, you don’t want to miss opportunities because of outdated assumptions. And as an agent with over 22 years of experience and $100M+ in sales, I make it a priority to help my clients understand their full financial picture—without pressure.
🗝️ Thinking of Buying a Home?
Let’s talk. Whether you’re looking to buy your first home or invest in something new, I’ll walk you through your options—no 20% required.
📍 Serving San Dimas, La Verne, Glendora, and Covina
Albert Pasillas | San Dimas Real Estate Expert | Certified Probate & Trust Sales
