One of the most persistent myths in homebuying? That buyers need 20% down to qualify for a mortgage. Toby Arceneaux, VP of Production at Synergy One Lending (NMLS #96596), clarifies that this rule is outdated. Today, there are programs that allow for down payments as low as 3%, and certain loans (such as USDA rural development and VA loans) require no down payment at all. In fact, many buyers can even use gift funds from family members to cover initial costs. This flexibility opens the door to homeownership for a wider range of people, especially first-time buyers who may not have large amounts of cash saved. With so many financing options available, consulting with a trusted lender like Synergy One Lending ensures buyers find the right program for their situation.

See which loan programs fit your budget — start with Synergy One Lending (NMLS #1907235).