Why "You Need 20% Down" is a Myth: The Pros and Cons of a Buying a Home with a Low Down Payment

We've all heard it before: Before you can take the leap into the housing market, you need to start saving up to make a sizable down payment. For years, putting down 20% of a home's purchase price was held up as the gold standard. While many still consider this figure to be their goal, rising housing prices are causing others to look for alternatives.