Do You Need 20% Down to Buy a Home in Sioux Falls, SD?

Author Amy Stockberger | Founder, Amy Stockberger Real Estate | Creator, Lifetime Home Support™ Academy | Ranked the #1 Real Estate Team in South Dakota since 2017 and #33 in the Nation by Real Trends

 

If you’ve been holding off on buying a home because you think you need 20% down, you’re not alone. In fact, searches for down payment requirements are hitting record highs—and a lot of buyers in Sioux Falls, SD are asking the exact same question.

Here’s the reality: that 20% number? It’s one of the biggest myths in real estate.

And believing it could be delaying your ability to build equity, grow wealth, and take advantage of opportunities right here in Sioux Falls, SD.

Why This Matters in Sioux Falls, SD

In a market like Sioux Falls, SD, where inventory, pricing, and competition can shift quickly—timing matters.

Areas like Harrisburg, Tea, and the southeast side of Sioux Falls continue to see strong demand. If you’re waiting years to save 20%, you could miss out on appreciation, tax benefits, and long-term equity growth.

The longer you wait, the more expensive your entry point could become.

What You Actually Need To Buy a Home

Tip 1: You Don’t Need 20% Down

Most buyers don’t put 20% down—especially first-time buyers.

Loan options available in Sioux Falls, SD include:

●  FHA loans with as little as 3.5% down

●  Conventional loans starting around 3%

●  VA and USDA loans with 0% down for qualified buyers

According to National Association of Realtors, the median down payment for first-time buyers is just 10%.

Tip 2: Waiting Could Cost You More

Saving for 20% might sound smart—but it can actually slow you down.

While you’re saving:

●  Home prices may increase

●  Interest rates may shift

●  Rent continues with no return

That delay could cost more than putting less down and getting in sooner.

Tip 3: Down Payment Assistance Is Underused

This is where most buyers leave money on the table.

Research from Realtor.com shows:

●  ~80% of first-time buyers qualify for assistance

●  Only ~13% actually use it

Programs through Down Payment Resource offer an average benefit of around $18,000.

That’s a massive advantage—especially in a growing market like Sioux Falls, SD.

How Amy Stockberger Real Estate Can Help

At Amy Stockberger Real Estate, we don’t just help you buy a home—we help you build a long-term strategy.

Through our Lifetime Home Support™ system, you get:

●  Access to trusted lenders who understand every loan option available

●  Guidance on down payment assistance programs specific to Sioux Falls, SD

●  A curated Home Support Team to help you before, during, and long after closing

●  Exclusive tools, savings, and VIP resources designed to reduce your cost of homeownership

Ready to Take the Next Step?

The biggest mistake buyers make isn’t buying at the wrong time—it’s waiting based on the wrong information.

If you’ve been stuck thinking you need 20% down, it might be time to revisit your plan.

Our team will walk you through your options, show you what you actually qualify for, and help you move forward with clarity.

Our team is here to serve — before, during, and forever.

 

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