One of the first questions a new client asks is, “How much will my down payment be for a home? ” Most times, they think the answer is 20% because that’s what they’ve heard. But this is generally not the case.

The median down payment for first-time buyers in 2024 was just 9%

In metro Atlanta, 32% of first-time buyers put down just 3–5%, according to the U.S. Census American Housing Survey.

There are some challenges for first-time home buyers, including higher home prices and student debt.  What most people don’t know is that there are Federal Loan Programs that provide assistance for home loans.  I’m currently working with several first time homebuyers and they’ve all been preapproved with some of these programs, and a few have qualified for 100% financing. Which means no down payment at all!

Here are some great Federal home loan programs that have helped many of my first-time buyers.  These programs can also significantly reduce barriers for lower-income buyers.:

• FHA Loans (via HUD) allow for 3.5% down payments and offer flexible credit terms.

• VA Loans offer zero down payment and no PMI for qualified veterans and service members.

I bet most people don’t know that thousands of Assistance Programs exist Nationwide.

There are more than 2,000 homeownership assistance programs in the U.S.  Georgia specific programs include:

• Georgia Dream Homeownership Program

• Atlanta Housing Down Payment Assistance Program

• Fulton County Homeownership Program (HOP)

Assistance often comes in the form of affordable financing, grants, or forgivable loans.

As your Realtor, I utilize tools like Down Payment Resource (DPR)  to identify my customer’s eligibility and guide my buyers through the process.

For more information about down payment assistance or being a first-time home buyer, please reach out at stellaharris@indigoroad.com.  I hope this was helpful!