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If you're searching for homes for sale in Kansas City, MO, you've likely heard the outdated belief that buyers need a 20% down payment to purchase a home. This common misconception holds many would-be homeowners back, but the truth is, you can often buy a home with much less down, and waiting could cost you more in the long run.Do You Really Need 20% Down to Buy a House in Kansas City?The short answer is no. In fact, many first-time buyers in areas like Lee’s Summit, Raymore, and Overland Park are putting down as little as 3% to 5%. There are even zero-down mortgage options available through VA and USDA loan programs. According to the National Association of Realtors, 38% of first-time buyers put down less than 10%. So, if you’ve been holding out for a full 20%, you may already be in a position to make your move.What About Private Mortgage Insurance (PMI)?The 20% rule is largely tied to avoiding PMI, an added cost that kicks in when buyers put down less than 20%. But in most cases, PMI is manageable and even temporary, and the benefit of building equity in a growing market often outweighs the cost. Kansas City home prices continue to appreciate, especially in sought-after neighborhoods like Brookside, Waldo, and Prairie Village.The Real Cost of Waiting to Buy a HomeIf you’re currently renting or sitting on the sidelines, waiting to hit 20% could mean missing out on: Equity growth in your home as property values rise Lower interest rates, which fluctuate quickly Affordable homes in Kansas City neighborhoods with high demandEach year you wait may result in higher home prices and increased competition. If you’re considering buying, now’s the time to explore your options.Local Loan Programs and Assistance OptionsThere are local down payment assistance programs in Missouri and Kansas designed to help buyers get into homes sooner. Working with an experienced Kansas City real estate agent means you’ll get connected with trusted lenders who can walk you through the process and help identify what programs you're eligible for.