With the current median list price for a home in Rockwall sitting around $650,000, it’s easy to feel discouraged—especially when the traditional 20% down payment amounts to $130,000. But here’s the good news: most buyers don’t put that much down.
Thanks to flexible loan programs like FHA, VA, and even some Conventional loans, buying a home may be more accessible than you think. FHA loans require as little as 3.5% down—that’s $22,750. Some Conventional loans require only 3% down, or $19,500 on a $650,000 home, if you qualify. Veterans may be eligible for VA loans offering 0% down. Each program has its own requirements, but all are designed to make homeownership more achievable. If you’re open to buying just outside city limits, USDA loans offer 0% down in designated rural areas.
According to REALTOR.com, nearly 80% of first-time buyers qualify for down payment assistance (DPA)—yet only 13% take advantage of it. That’s a missed opportunity, especially when some programs offer up to $17,000 to help reduce upfront costs.
This is how many homeowners get started: they buy a modest first home, build equity over time, and eventually upgrade to a larger home. Those first five years go by quickly—and with steady income growth and responsible budgeting, you could be well on your way to your dream home.
To get started, speak with a trusted mortgage lender. They’ll assess your financial situation and recommend the right loan programs. Be sure to get pre-approved—not just pre-qualified. Pre-approval means underwriters have already reviewed your loan application, giving you stronger negotiating power when making an offer.
Considering new construction? Many builders offer flexible incentive packages, such as:
- Lower or adjustable interest rates
- Credit toward closing costs
- Bonus design upgrades
And one last tip: don’t max out your budget. Buying at the top of your financial limit can leave you “house poor,” with little left over for savings, emergencies, or simply enjoying life. A balanced approach supports both financial stability and long-term success as a homeowner.
Jerry Welch, Realtor
Jerry Welch is a full-time, professional REALTOR® with over 17 years in real estate and specializes in helping seniors’ transition. He holds an SRES (Senior Real Estate Specialist) designation, which reflects his extensive education on topics such as tax laws, probate, estate planning, and equity conversion strategies. He offers relevant information on current market trends as well as being a valuable resource regarding real estate transactions. He was one of the founding members and is a past chair of the Rockwall Chamber SSA (Senior Services Alliance) Program. (972) 800 3915 https://jerrywelch.ebby.com/
