There is a misconception that as a home buyer, you have to pay 20% of the total sales price in your down payment. In fact, a recent Lending Tree survey asks what discourages consumers from buying a home. For more than half of those surveyed, creditworthiness is the biggest obstacle. 

 
This may be because these people assume that a 20% deposit is required. While it may benefit buyers to invest more money if you can, reducing the 20% is not required. As Freddie Mac puts it: 

 
"The most damaging myth of the down payment, because it stops the home buying process before it can begin, is the belief that 20% is necessary." 

 
If saving sounds so overwhelming, you may be ready to give up your dream of homeownership before you even start - you don't have to. According to the National Association of Realtors (NAR) Home Buyers and Sellers Profile, the average down payment hasn't exceeded 20% since 2005. It may seem surprising, but today's average deposit is only 12%. For first-time homebuyers whose average down payment is only 7%, this number is even lower.