Alvear Homes, a bilingual real estate agency serving the Charlotte metro and Fort Mill, S.C., has released a free guide titled “You Don’t Need 20% Down: Real Down Payment Options for Charlotte Buyers.”

Many renters believe they must save 20% before they can buy a home. On a typical Charlotte home, that would mean saving more than $80,000. The guide explains that most home loans don’t require 20% down. Nationally, the median first-time buyer put down about 10%, according to the National Association of Realtors’ 2025 Profile of Home Buyers and Sellers.

The guide covers the main low down payment loans, including conventional, FHA, VA, and USDA. It also outlines local and state programs that may help eligible buyers:

NC 1st Home Advantage: up to $15,000
NC Home Advantage Mortgage: up to 3% of the loan amount
HouseCharlotte: assistance for buyers purchasing inside Charlotte city limits
SC Housing programs: for buyers on the South Carolina side

The guide also explains mortgage insurance, including how it can typically be removed over time. It shows how down payment size affects monthly payments and the total cash needed to buy, and it includes 10 questions buyers should ask their lender.

“So many families think homeownership is years away because of the 20% myth,” said [Jeannie Alvear], co-founder of Alvear Homes. “Our goal is to help buyers understand their real options and connect with the right lenders, in English or Spanish.”

The full guide is available at:
https://alvearhomes.com/blogs/down-payment-options-charlotte.html

About Alvear Homes
Alvear Homes is a bilingual real estate agency led by Jeannie Alvear and Sandy Alvear. It helps buyers and sellers across Charlotte, N.C., and Fort Mill, S.C., in English and Spanish.