You Don’t Need 20% Down to Buy a Home—Even in Athens, GA
Buying a home can feel out of reach with the idea that you need 20% down. But here’s the good news: most mortgage options today allow for much less, making your path to homeownership far more attainable than you may think—especially in the Athens, GA market, where the average home price is around $330,000 (per RPR).
So where did the 20% down idea come from? It’s tied to mortgage insurance. Traditionally, lenders require at least 20% ownership in a property to waive private mortgage insurance (PMI). PMI is an added cost that protects the lender—not the buyer—in case of default. While avoiding PMI can be a smart financial move, many buyers choose to put down less and pay PMI temporarily so they can buy a home sooner and start building equity.
Why 20% Down Isn’t Required—and Often Not the Best Choice
- A conventional mortgage may require just 3% down.
- An FHA loan requires only 3.5% down, depending on your credit score.
- VA and USDA loans often come with no down payment at all.
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What Does That Mean for Athens, GA?
If the average home price here is $330,000, here’s how the down payment breaks down:
| Loan Type | Down Payment Rate | Amount ($) |
|---|---|---|
| Conventional (3%) | 3% | $9,900 |
| FHA Loan (3.5%) | 3.5% | $11,550 |
| First-Time Buyer (9%) | 9% | $29,700 |
| 20% Down | 20% | $66,000 |
You can buy a home in Athens with as little as $9,900 down, or comfortably with under $30,000, rather than having to come up with the full $66,000.
Why Putting Less Down Can Be Smart
Here are some hightlights:
Get into a home sooner—rather than waiting years to save.
Keep cash on hand for moving expenses, renovations, or emergencies.
Avoid draining your savings—and still begin building equity and wealth.
Take our 2-minute QUIZ and see if you are ready to buy a house.
Getting Started
If you’re ready to explore your options:
Look into low-down-payment mortgages, such as conventional 97, FHA, VA, or USDA.
(Apply Now)Consider homebuyer programs—many offer down payment assistance or grants.
(Contact Us)Crunch the numbers, weigh your cash flow, and decide what works best for your budget and lifestyle.