Can You Upgrade Your Eugene Home Without 20% Down? Yes—Here’s How

Can You Upgrade Your Eugene Home Without 20% Down? Yes—Here’s How

If you’re like a lot of folks I work with here in Eugene, you’ve been in your home for a few years now and you’re starting to feel the squeeze. Maybe the kids are bigger, your work-from-home setup is less than ideal, or you’re dreaming about a bigger backyard, a better school district, or a home that just fits your life a little better.

But then that little voice creeps in: “We don’t have 20% saved up for a new home. Can we even do this?”

The short answer? Yes, you probably can. Let’s talk about how.

You Might Not Need 20% Down (Even to Upgrade)

There’s a common myth floating around that you need to save up 20% of your next home’s price to make a move. That’s simply not true.

Conventional loans often allow as little as 5% down—even if you already own a home. Some buyers may even qualify for 3% down programs if they haven’t owned in a few years. And government-backed options like FHA (3.5% down) or VA (0% down, for eligible veterans) can open doors for buyers with a smaller cash reserve.

The idea that you need to sock away tens of thousands before you can even think about moving is outdated. Lenders today understand that real life doesn’t always leave room for giant savings goals.

That said, having a strong financial foundation—like good credit, stable income, and a manageable debt load—will always be part of the equation. But that 20% down? Not a hard rule.

Equity = Leverage

If you’ve owned your Eugene home for even a few years, chances are you’ve built some equity—either by paying down your mortgage, rising home values, or both.

Equity is the difference between what your home is worth and what you still owe. It can be a powerful tool when you’re ready to upgrade.

Here are three common ways people use equity to move up:

• Sell first, then buy – You use the proceeds from your home sale to fund your down payment and closing costs on the next one.
• Buy and sell at the same time – This requires planning, but it’s very doable with the right timing. Some buyers include contingencies in their offers to help coordinate both moves.
• Bridge loan or HELOC – These options let you tap into your equity before selling. They’re helpful if you’ve found the perfect next home and don’t want to risk missing it.

Each option has pros and cons—financial, emotional, and logistical. But knowing your equity gives you choices. And choices reduce stress.

What Should You Consider Before Making a Move?

Before jumping into the idea of upgrading, it helps to zoom out and look at the bigger picture:

• How much equity do you have? A home valuation or comparative market analysis can give you a ballpark number.
• What would a monthly payment look like if you bought now with 5–10% down? A lender can help you run those numbers.
• What kind of home and neighborhood would be worth the move? This is the fun part—and the most personal.
• Do you need to sell first, or could you buy first and then sell? This depends on your financial comfort zone and current market conditions.

Sometimes, the answer is “yes, let’s go.” Other times, it’s “not yet—but we’re closer than we thought.”

Final Thoughts

The path to a new home doesn’t always follow a straight line. But it’s not out of reach just because you haven’t saved up 20%.

If your current home no longer fits your life—and you’re curious what options exist—it’s okay to start asking questions. Research, gather information, and take small steps. Understanding your equity and your loan options is a great place to begin.

There’s no one-size-fits-all answer, and no pressure to make a move before you’re ready. But if a little more space, a new school district, or a home that finally feels like “it” is calling your name… it might be time to explore what’s next.

You might be closer than you think.