As a Home Buyer, How Much Do You Need to Put Down as a Downpayment? đź’°

As a Buyer, How Much Do You Need to Put Down as a Downpayment? đź’°

You’ve decided to start looking and buy your own perfect home and make homeownership a reality, so as a buyer how much do you need as a downpayment? 

Hi, I’m Tanja Odzak, Our East Bay Home and eXp Realty and I sell homes in Oakland, Berkeley, and the East Bay.  I have some tips and myth busting on down payments and a few things you should know. Top first question usually is… how much down payment do I need? 

Most people think 20% down payment is needed to purchase a home, however that is not necessarily true. According to Freddie Mac, “Nearly a third of prospective homebuyers think they need a downpayment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.” 

Unless specified by your lender, 20% is typically not required. In our area, a downpayment of 5-10% is really common for first time homebuyers. There are also many loan programs available today, like FHA loans for example… which require only a 3.5% downpayment… and can even be used to buy a duplex if you’re going to live in it. *Talk to a lender to see if you’re qualified for it. 

In addition to loan programs, most buyers are unaware of all the different options available for down payment assistance. Most buyers think they need to be a first time home buyer to qualify for assistance but that is not always true. According to an article from 

This is great news for a buyer who now may be closer to owning a home than they realized.
Of course, it is always best to call me first, so that I can connect you with a great lender that can show you all your options, debunk the myths and help you get closer to achieving your homeownership goal. 

Please reach out to me to connect, so my team and I can help you get closer to that goal!!! And if you or someone you know needs to sell, ask me about my tiered home selling plans where you get to pick which real estate services you want and the fee you pay… Most of the them offering my super duper digital marketing that… no one else does in our area. I’m Tanja and I offer simplified and transparent choices!

I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit. 

Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?



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