Struggling with a Down Payment? Here's What You Should Know

Let’s be honest—saving for a down payment can feel like climbing a mountain with no summit in sight. Between rent, bills, groceries, and life in general, putting away thousands of dollars for a home might seem out of reach. But here’s the good news: you don’t need to do it alone, and you may not need to save as much as you think.

At Ruoff, we work with a range of down payment assistance programs designed to help more buyers step into homeownership—sooner and with less stress.

Why the Down Payment Hurdle Trips Up So Many Buyers

The idea that you need to put down 20% to buy a home is one of the most persistent myths in real estate.

While that benchmark has benefits (like avoiding private mortgage insurance), it’s not a requirement. In fact, most first-time homebuyers put down far less. Even with conventional loans, there is the option to put less than 20% down. There are also other low down payment loans and assistance programs.

Three Options That Could Ease the Burden

Let’s break down a few of the programs available at Ruoff that may help reduce—or even eliminate—your upfront cash requirement.

FHA Loans: Down Payments as Low as 3.5%

FHA loans are a go-to for first-time buyers or anyone with less-than-perfect credit. One of their biggest advantages? The low down payment requirement—as little as 3.5% of the purchase price.

That means you could potentially buy a home with less than you’d spend on a year’s rent in many markets. Plus, FHA loans offer flexible qualification guidelines, making them accessible to more buyers.

VA Loans: No Down Payment for Eligible Veterans

If you’re a veteran, active-duty service member, or eligible surviving spouse, you may qualify for a VA loan—which requires no down payment.

It’s one of the most powerful benefits of military service. And beyond the down payment, VA loans also offer no private mortgage insurance, which can mean lower monthly costs over time.

HomeNow: Down Payment Assistance Through Ruoff

Not a veteran? Not sure if you qualify for FHA? Don’t worry—there’s another path.

Ruoff’s HomeNow program is a down payment assistance (DPA) option that may help cover part or all of your down payment. It’s designed for income-eligible buyers who need a little extra help to get across the finish line.

HomeNow can be paired with certain loan programs, and it’s a great tool for buyers who are ready to own but don’t have the full down payment saved yet.

Real Talk: What This Means for You

Buying a home is personal—there’s no one-size-fits-all approach. But if down payment worries are keeping you on the sidelines, it’s worth exploring your options.

I’ve worked with clients who assumed they needed years to save, only to find out they were closer than they thought. One couple I helped had been renting for 8 years. They were shocked to learn they could qualify for a loan with DPA help and close within a couple of months. They didn’t just buy a house—they built a new chapter.

Next Steps: How to Explore Your Options

If you’re thinking about buying but unsure how the numbers shake out, let’s talk. You might be surprised at what’s possible once we break it down.

We’ll look at your goals, your current financial picture, and which programs you may qualify for—like FHA, VA, or HomeNow. The goal is simple: get you into a home that fits your life and your budget.

No pressure. Just clarity.

Let’s figure out the next step—together.

About Ruoff Mortgage

At Ruoff Mortgage, we understand that buying a home is one of life’s biggest moments – not just as a financial decision, but a personal one. For more than 41 years, we’ve proudly helped families turn their dreams into reality. From our roots in northeast Indiana to now serving homebuyers throughout the Midwest, our focus has stayed the same: delivering exceptional service rooted in care, speed, and community. With an average 15-day clear-to-close time, our team is here to make your journey to homeownership as smooth and stress-free as possible. When you're ready to take the next step, we’re here to walk with you, every step of the way.