| Quick Facts: Down Payment Assistance in Syracuse, NY | |
|---|---|
| Minimum Down Payment (FHA) | 3.5% |
| Minimum Down Payment (Conventional) | 3% with qualifying credit |
| VA Loan Down Payment | 0% for eligible buyers |
| Down Payment Assistance (DPA) Range | Up to $30,000 (grant or forgivable loan) |
| Programs Available | Cooperative Federal, SONYMA, Home HeadQuarters, SECNY, Geddes Federal |
| Buyer Requirements | Typically first-time buyer, income-qualified, education required |
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The Truth About Down Payments: What Most People Get Wrong
For many would-be homebuyers, the excitement of buying a home quickly gets replaced by worry — usually about the down payment.
“I’ll never save enough.”
“I guess I’m stuck renting forever.”
“You need 20% down, right?”
We hear it all the time. And we’re here to tell you: those fears are based on myths — not facts.
If you’ve been putting off homeownership because of what you think you need for a down payment, this post is for you. Let’s bust some myths.
Myth #1: You Need a Massive Down Payment
Most Americans believe they need at least 10% down, according to a Morning Consult and NeighborWorks survey — and 1 in 10 aren’t sure what’s required at all.
But the facts say otherwise:
- The National Association of Realtors (NAR) reports that first-time buyers have typically put down just 6% to 9% since 2018.
- FHA loans require as little as 3.5% down.
- VA loans may require 0% down for eligible veterans and service members.
- Some conventional loans allow 3% down with good credit.
Bottom line: You don’t need 20% — and you may not even need 10%.
Myth #2: It’ll Take Forever to Save That Much
Saving for a down payment can feel overwhelming. But depending on your market and income, it may take less time than you think.
In many areas, especially outside of high-cost cities, buyers are achieving their savings goals faster — especially when aiming for a 3%–5% down payment.
Even better: not all of it has to come from your own savings.
Myth #3: You Have to Do It All Alone
Here’s one of the best-kept secrets in real estate: there are thousands of down payment assistance (DPA) programs across the country.
Yet, 39% of people have never even heard of them, according to the same NeighborWorks study.
These programs come in the form of grants, forgivable loans, and government or nonprofit support — and many middle-income buyers qualify.
What About Syracuse? You Might Qualify for Local Assistance
If you're buying in Syracuse or Central New York, several down payment programs are available to help:
- Homebuyer Dream Program: Up to $20,000–$30,000 in grant funding. Housing counseling required.
- SONYMA DPAL: Up to $15,000 (or $30,000 via DPAL Plus) in forgivable down payment loans.
- Home HeadQuarters: Up to $5,000 as a low-interest loan. Education and $500 contribution required.
- SECNY Credit Union and Geddes Federal: Offer lender credits, reduced PMI, or low-down loan options.
These programs have limited enrollment windows. Talk to a housing counselor or lender today.
Final Thought
- You likely don’t need 20%.
- You may qualify for forgivable loans or grants.
- Syracuse buyers could access up to $30,000 in assistance.
Thinking of becoming a real estate agent?
Professional Career Center is a licensed Real Estate School and Assessment Testing Center located in Syracuse, New York for over 30 years. We offer in-person and live-stream real estate licensing courses throughout the year.
Click here to view our upcoming real estate licensing course schedule
Sources: National Association of Realtors (NAR), Morning Consult / NeighborWorks, SONYMA, Cooperative Federal, Home HeadQuarters, SECNY Credit Union, Geddes Federal.