Do You Really Need 20% Down to Buy a Home in Chesterfield, VA?

One of the biggest myths I hear from buyers is:
“I’ll start looking once I have 20% saved.”

The truth? Many buyers in Chesterfield become homeowners long before hitting that number.

Let’s clear this up.

Where the 20% Myth Comes From

Putting 20% down can:

• Eliminate private mortgage insurance (PMI)

• Lower your monthly payment

But it is not a requirement to buy a home — and waiting for it can delay homeownership for years.

Common Down Payment Options in Chesterfield

Many buyers I work with use:

• 3%–5% down conventional loans

• 0% down VA or USDA loans (if eligible)

• First-time buyer programs with reduced upfront costs

Each option comes with different benefits, and the “best” choice depends on your financial comfort — not just the percentage.

Why Putting Less Down Can Still Make Sense

In some situations, buyers choose to:

• Keep cash for emergencies

• Cover inspections, moving, and furnishings

• Avoid draining savings completely

Homeownership should feel stable, not stressful.

The Real Question to Ask

Instead of asking “Can I put 20% down?”, ask:

• Will my monthly payment feel comfortable?

• Am I protected if something unexpected happens?

• Do I still have savings after closing?

Those answers matter far more.

Chesterfield-Specific Insight

Because home prices and taxes vary by neighborhood, putting less down doesn’t automatically mean a risky purchase. Strategy and planning matter more than a single number.

If you’re unsure where you fall, a quick conversation can bring a lot of clarity.

Bottom Line

You don’t need to wait for “perfect” to start.
You just need a clear plan that fits your life.

If you’re thinking about buying in Chesterfield or nearby areas, I’m always happy to walk through options — no pressure, just honest guidance.