Home Buyers still don't get it!

Real Estate Agent with Long & Foster Real Estate Inc 610-225-7400 PA License - AB067198

I was talking with a friend yesterday as we were watching The Philadelphia Eagles beat San Francisco to go forward to play in the Superbowl. Go Eagles!

Anyway, I digress, because as our conversation progressed I realized that even with so much talked and written about it buyers still think they need 20% as a down payment to buy a house. 

This friend mentioned that without 20% she would need to pay a large PMI, mortgage insurance rate, so she has been renting. As a single mother she is in the process of putting her daughter through college, however her rent is about to rise again.

I told her that all she was doing was paying the mortgage for her landlord. That most likely she could get a mortgage, even with PMI and pay the same as or less than her rent for a home of her own.

As we were holding this conversation during the game with other people around, we decided I would connect her with a mortgage consultant and she could discuss the various options that are open to her.

There are plenty of first time home buyer options as well, even if you have owned a home before, if you have not owned for three years. So, these may include grants of special programs to help first time buyers get a foot on the rung of homeownership.

With the current slight drop in rates, and with economists expressing their belief that rates will stay level if not drop a bit by the end of the year, we are expecting home buyers to take advantage of the opportunities to buy homes as they come on the market. This is the largest thing holding back many buyers is the lack of homes to purchase.

So, if you are interested in purchasing a home in 2023, then contact Nick Vandekar, Selling the Main Line and Chester County, with Long & Foster Real Estate Inc., office 610-225-7400, cell or text 610-203-4543, or Nick@VandekarTeam.com. Let me put you in contact with a local mortgage consultant and discover how easy it can be to purchase a home. We make the home buying process and amazing experience and give you the confidence to make the right decisions throughout the process.

Posted by


Nick Vandekar
Nick is a Tredyffrin Easttown Residential and Commercial REALTOR selling The Main Line, Chester, Delaware and Montgomery Counties.

Giving you the confidence to make
the right decisions.

92 Lancaster Avenue
Devon , PA 19333
Mobile: (610) 203-4543 [call or text me]
Email Me


My Blog


If you are buying or selling on or around
Tredyffrin Easttown or along the Main Line, 
we can help you, contact us.

Comments (12)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Nick... inventory remains an issue and in all price points here in the Charlotte region. As for that 20% down, amazing how long that old wives' tale has stuck around.

Jan 30, 2023 10:44 AM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Selling the Main Line & Chester County

Nina Hollander, Broker I was really shocked when this came up this weekend. As I told this friend that has not been the case for sometime. 

Jan 30, 2023 10:46 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nick, many first-timers still believe they need 20%, and it is our job to relay the real story.

Jan 30, 2023 11:39 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

I can't figure out how potential home buyers can still be so clueless. It boggles my mind.

Jan 30, 2023 11:54 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

yes.. lots of Buyers (esp first time) don't know their options and a great lender can help explain all of that - but 20% down seems to be a persistent myth 

Jan 30, 2023 01:24 PM
Anna Banana Kruchten Phoenix Broker
HomeSmart Real Estate - Phoenix, AZ

Nick it doesn't surprise me that some potential home buyers just don't understand how things really work.  She's in good hands with you on her team.  Good luck finding the right home for her.

Jan 30, 2023 01:29 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Home buyers need to really get with a lending professional to learn their options. There are all manner of programs and not all need 20% down to buy a home.

Jan 30, 2023 02:18 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Well Nick this is where your knowledge helps buyers, personally I am a fan when a buyer puts down 20% I know the loan will close no ifs or buts about it, Endre

Jan 30, 2023 11:21 PM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That is really sad that buyers still think that.  Even before I was an agent and I bought my first home in 2008, never did I think I would have to put 20% down, haha.

Jan 31, 2023 04:36 AM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

This is an excellent post with great information. Thanks for sharing it.

Have a super fantastic week!
Joe Jackson, Realtor-KWCP

Jan 31, 2023 05:22 AM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Selling the Main Line & Chester County

Joan Cox I am doing my best.

Carol Williams and Lise Howe  with everything people do believe, I am amazed this myth persists.

Anna Banana Kruchten Phoenix Broker thank you, I will be doing my best.

Ed Silva very true, which is why I have connected her with one of my best lenders.


Jan 31, 2023 07:34 AM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Selling the Main Line & Chester County

Endre Barath, Jr. I agree, I like it when they have the funds, but not every buyer today has that, but it should not dissuade them from buying.

Brian England no real need, as it can still be cheaper even with PMI than renting.

Joe Jackson thanks for stopping by.

Jan 31, 2023 07:35 AM