You Don’t Need 20% Down to Buy Your First Home
One of the biggest myths around buying a first home is that you must put 20% down. With today’s median home prices hovering around $450,000, that would mean saving roughly $90,000—an unrealistic number for many first-time buyers. The truth is, there are numerous loan programs and first-time home buyer assistance options that allow much lower down payments. Some national programs require as little as 3.5% down, and depending on the state, buyers may qualify for programs offering down payments as low as 0.5%. On a $450,000 home, that could mean just $2,250 upfront.

Understanding these programs can dramatically shorten your timeline to homeownership and help you start building long-term wealth sooner. Many buyers delay purchasing simply because they believe they’re priced out, when in reality, the right loan program could already make buying a home achievable.

The Hidden Costs of Buying a Home (And How to Avoid Paying Them Yourself)
While down payment gets most of the attention, closing costs are often the surprise expense that catches first-time buyers off guard. These costs typically include appraisal fees, lender fees, and title fees, and they usually total about 2–3% of the home’s purchase price. On a $450,000 home, that can be close to $9,000.

The good news is that buyers often don’t have to pay these costs themselves. In many markets, sellers can cover closing costs as part of the negotiation. Even in competitive markets, buyers can structure their offer to account for this—such as increasing the purchase price slightly while asking the seller to pay closing costs. With the guidance of an experienced real estate agent, it’s often possible to reduce your upfront cash needs significantly.

Inspections, Payment Timing, and the Safety Nets Every Buyer Should Know
A major relief for first-time buyers is learning that your first mortgage payment doesn’t start immediately. If you close early in the month, your first payment is typically due the following month after next, giving you up to 55 days of breathing room. This gap can make a big difference, especially for buyers transitioning from renting.

Home inspections are non-negotiable, even for new construction. Issues can be missed during building, and an inspection protects you from costly surprises. When negotiating repairs, buyers should be specific—or better yet, request credits so they can choose their own contractors after closing.

Finally, a home warranty can be an invaluable safety net, especially for older homes. For roughly $500–$700, a home warranty can cover major systems like HVAC, plumbing, electrical, and appliances for the first year. Many buyers see thousands of dollars in repairs or replacements covered, making it a smart option to consider during closing.

Buying your first home will always feel nerve-wracking, but the more informed you are, the more confident and empowered you become. Knowing what’s possible—and what to ask for—can save you money, stress, and years of waiting.