Do You Really Need 20% Down to Buy a Home in Seattle? (Spoiler: Probably Not)
If you’ve been holding off on buying a home because you think you need a massive down payment—like 20%—you’re not alone. It’s one of the most common myths I hear from first-time buyers in Seattle.
The truth? Most buyers put down far less—and you can too.
In fact, the average down payment for first-time homebuyers nationwide is often closer to 6%, not 20%. In the greater Seattle area, where median home prices can feel intimidating, smart financial planning and the right guidance can open doors (literally) much sooner than you think.
Here’s the same step-by-step advice I give to my clients who want to stop renting and start building equity:
Know Your Credit Score—and What Impacts It
Your credit score plays a major role in your loan approval and interest rate.
Want a quick win?
Keep credit card balances low
Avoid late payments
Don’t open or close accounts right before applying
Even a small boost in your score could lower your interest rate and save you thousands over the life of your loan.
Get Pre-Approved Early
Pre-approval is fast, free, and a total game-changer.
It tells you how much home you can realistically afford before you fall in love with that dreamy craftsman in Greenlake or that modern condo in Capitol Hill.
Bonus: Pre-approval also makes your offer stronger when you do find the right place.
Start Saving for Upfront Costs
The down payment is just one piece of the puzzle. Other upfront expenses may include:
Closing costs (typically 1-2% of the purchase price)
Home inspection fees
Appraisal fees
Earnest money deposit
You don’t need all of this overnight, but starting now gives you more options later.
Budget for Ongoing Expenses
Your mortgage quote will likely include your loan payment, taxes, and insurance. But make sure you also consider:
Property taxes (Seattle’s can vary by neighborhood)
Homeowners insurance
HOA fees (especially for condos or townhomes)
Home maintenance and repairs
Having a realistic monthly budget is key to feeling confident in your purchase, not stretched thin.
Planning to buy this year? Start Preparing Now
Seattle’s real estate market can be competitive, but it also rewards those who are prepared. If buying is on your radar this year, it’s never too early to get your finances in order and connect with a great lender.
Need help navigating your options or want an intro to a local loan officer I trust? Just reach out, I’d be happy to help you take the first step with clarity and confidence.