Do you still need a 20% down payment to buy a house?

When it comes to saving for and buying a home, most Americans rely on the general rule of thumb that they need to have 20% of the home price saved for the down payment. 

But the 20% down payment is “the biggest myth that’s out there,” said Jessica Lautz, vice president of demographics and behavioral insights at the National Association of Realtors (NAR). 

Last year, the median down payment for first-time homebuyers was just 7%, and it hasn’t risen above 10% since 1989, Lautz told Fortune. In fact, 72% of first-time homebuyers put down less than 20% for their down payment this year. 

That’s because there are actually a lot of first-time homebuyers who take advantage of low down-payment programs and assistance, such as the Chenoa Fund, the HomeReady and Home Possible mortgages, as well as a variety of federally backed loans through the U.S. Department of Housing and Urban Development and state programs.

“Unfortunately there are potential homebuyers who are out there and not aware these programs exist, and maybe could enter homeownership significantly faster,” Lautz said.

Redfin chief economist Daryl Fairweather agrees, saying that a 20% down payment is not always necessary. “You may be able to put as little as 3% down, though most buyers put down more,” Fairweather told Fortune.

But both Lautz and Fairweather said that in today’s competitive market, it can be an advantage to come in with a higher down payment, or even better, an all-cash offer. Nearly a quarter of homebuyers, 23%, submitted an all-cash offer for a home this year, according to NAR’s research. “Buyers should research how competitive the market is for the type of home they want to buy in their area,” Fairweather said. 

It’s also worth noting that homebuyers who put down less than 20% will likely have to pay for private mortgage insurance, which is an added housing expense that doesn’t help with building home equity. “If you can afford it, offering to put down at least 20% is ideal, especially in a competitive market like this one where you’ll likely compete against other well-financed buyers in bidding wars,” Fairweather said. “When sellers can choose from multiple offers, they usually prefer higher down-payment amounts.”

Those who are looking to put down less than 20% for their down payment do have options, however, Lautz said. Although they may be competing with all-cash offers, she noted that sometimes sellers can be swayed by things like being flexible with closing dates or putting more money toward the so-called earnest money check, which is a good faith deposit that typically ranges from 1% to 3% of the home price. If the sale goes smoothly, that money can typically then be applied to help cover closing costs or to the down payment.

There’s also nothing stopping homebuyers from getting preapproved for a mortgage with a 20% down payment, then switching to a lower down payment during escrow, Fairweather said. “That can be a good option if you have the savings for a 20% down payment but you don’t feel comfortable putting your entire life savings on the line,” he added. 

Want to talk about how much you would have to put down to buy your dream home? Contact us, we’d love to help!

Read more financial advice on Fortune.com.

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Everything You Need to Know About Painting Your Shed

A fresh dose of color can breathe new life into this outdoor storage spot.

Your shed needs a fresh layer of paint every once in awhile. Fortunately, this job is a much smaller undertaking than re-coating a larger structure, like a house. With that being said, painting your shed will still require careful attention to detail and expert workmanship, which is why we talked to a professional painter about successfully executing this project. Consider this a handy guide to painting your shed; put in a little legwork now, and it will look as good as new before you know it.

Choose your paint.

When it comes to painting any exterior space, use the same type of paint you would on the outside of your house, says Terry Koubele, the owner of Five Star Painting of Federal Way and Tacoma, a Neighborly company. The formula is important, since your shed's paint plays more than just an aesthetic role. "The real purpose is to protect the structure from moisture and other weather-related impacts," he says. Since many of these structures lack protection from the elements, Koubele advises using a paint with a satin sheen. "The darker the color, the higher the product level should be," he adds. "Higher-end products tend to have more color fading resistance technology built into the paint."

Prep your shed.

For the best results, do a little prep work. Koubele recommends gathering your materials (like a brush for oil priming, a nine-inch roller for painting the body of your shed, a mini roller for the trim, masking tape, and plastic or a tarp to place on the ground below the siding). "If there are any raw wood areas, these should be primed with an oil-base primer," he explains. You should also tape off any windows, door handles, hinges, and hardware before you begin the coating process. "Your paint can will indicate the size of the roller you need," Koubele adds, noting that a nine-inch roller with a 3/8-inch nap is standard.

Consider the grounds.

Your shed isn't the only area that needs some attention before you get started—Koubele says you should also protect the plants and structures around your shed. "Always cut back any plants about one-foot from the building," he says. "They carry moisture and can damage your paint." He also suggests placing paint cans and trays on a tarp, to avoid spilling product onto your lawn or the dirt around your shed. "Getting paint into your soil makes it very difficult to clean up," he notes.

Avoid French-cutting the trim.

Koubele says that many homeowners like to start painting along the edges of their trim—this is called French cutting—but it's not a method he recommends. "Painting the sides' trim looks nice, but is time consuming. It can be difficult to create straight lines," he says. "As a standard, trim is only painted on the face of the trim board. French cutting calls for a professional painter, since the edge must be cut in with a brush."

Get creative.

Your shed is the perfect place to get creative, says Koubele. "Paint your door a different color than the rest of the shed," he suggests, adding that you should still stick with hues in the same family or use the manufacturer's recommended trim and accent shades. "Typically, sheds match the color scheme of the house, but they don't have to." After all, he says, it's just a shed—if you don't like the color, it's easy to paint again.

Read more on Martha Stewart.

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The 9 Best Herbs to Plant Now That Will Last Through Fall and Winter

Over the last few months, you’ve been spoiled by the riches of your carefully planted, well-tended garden. After all, there’s nothing quite like a vine-ripe tomato, sun-warmed peppers, or a fresh salad with lettuce and kale from your backyard.

But as the last few weeks of summer pass us by, that doesn’t mean that we have to bid adieu to all the delight that a garden brings. While you may not be able to harvest as many fruits and vegetables, you will still be able to enjoy some of the best herbs to grow in fall and winter if you play your cards right.

While some herbs like basil, dill, and parsley are best for the summer, there are plenty of other aromatics that actually do quite well throughout the colder seasons, too. So if you’re looking to continue exercising that green thumb of yours, there’s still plenty of time to get some seedlings in the ground, especially if you choose wisely. “Be sure that you’re selecting for plants that will overwinter well,” says Kalei Buczek, manager at ReWild plant and flower studio in Washington, DC. “These are plants that will retain their foliage and be evergreen or come back in the spring.”

When it comes to the best herbs to grow in the fall and winter, you’ll want to check to see in which USDA hardiness zone you’re located. These zones, which are based on temperature, are key for helping gardeners understand what herbs will work best for their particular gardens. However, there are a few herbs that ought to do relatively well irrespective of zone given their hardy nature. We’ve rounded up some of our favorites below.

The best herbs to plant in fall and winter

Rosemary

“Rosemary is a real champ, gets nice and woody, and can even be pruned way back to encourage soft, green growth in the spring,” says Buczek. “Plus, it retains its foliage through the winter.” Not to mention, there’s nothing quite like roasted potatoes with some fresh (or dried) rosemary.

Lavender

Like rosemary, lavender also gets woody in the colder months and retains its growth. Then there’s the fact that it’s known as the “plant of peace” for its stress-busting benefits. Steep it as a tea to help you stay warm and relax.

Catmint

“Catmint grows vigorously without a lot of maintenance,” says Buczek. But just be warned that frost will kill it—so you may want to plant yours in an indoor herb gardenindoor herb garden. Luckily, if yours is outdoors and gets frostbite, it regrows easily in the spring, according to Buczek.

Bee balm

Buczek recommends using bee balm for tea since it’s part of the mint family. “It dies in the fall, but comes back in the spring and is a great pollinator plant,” she says.

Echinacea

Another great herb for your morning brews come cold-and-flu season is echinacea since boosting your immunity is one of its many health and skin benefits. Others include its anti-inflammatory and pain relieving properties. Plus, it can help improve collagen production, NBD.

Thyme

Live somewhere with particularly harsh winters? Thyme is a hardy herb to consider adding to your cold-weather crop rotation. “I’ve seen thyme grow in place of grass on small patios because it creeps well,” says Buczek. “Some varieties overwinter better than others depending on how mild the winter is, but you can expect it regrow in the spring regardless,” she adds.

Oregano

A staple in Italian cooking, oregano has many of the same qualities as thyme in terms of its growing habits and patterns, which makes it ideal for late season planting.

Chives and garlic

“Both alliums, these bulb perennials are made to survive the winter and push back up in the spring,” says Buczek. “Garlic is meant to be harvested when the first few leaves of the plant turn yellow, and then cloves can be planted mid-fall.”

Get more gardening tips on Well + Good.

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Fall colors guide: When and where to see the leaves change in Colorado

A drought means that fall colors in Colorado might peak a few days earlier than normal in 2021. Here's what you need to know for your leaf-peeping season.

Autumn is one of the most beautiful times to live in Colorado.

Hillsides turn stunning shades of gold, orange and red. Sometimes it seems to happen almost overnight.

Leaves change color each fall when they stop photosynthesis so they can rest for the winter when there isn't enough sunlight. The green chlorophyll fades, leaving behind the others colors that had been hidden the rest of the year.

Typically, colors peak in the Colorado's northern mountains throughout the month of September. The central mountains peak the last week of the month. For our southern mountains, it’s the first week of October.

In 2021, drought could cause many trees to lose their leaves four to eight days early. Northern Colorado typically peaks the soonest and this year, that could be during the first three weeks of September.

See a map of the expected peaks from the 9NEWS weather team below.

Credit: 9NEWS

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Zoppe Family Circus is Coming to Winter Park

Zoppé Presents: Piccolo Zoppé: A New Boutique Circus is back in town September 3-6, 2021.

Approx. Two hours ~ Don't forget to come early for our family's unique pre-show experience beginning one-half hour before each showtime. More here. Times: Friday 7:00pm, Saturday 1:00pm, 4:00pm, 7:00pm, Sunday 1:00pm, 4:00pm, 7:00pm, Monday 1:00pm

Buy tickets: About An Old-World Family Circus

As we've been making for more than 180 years. Real. Immersive. Fascinating. Suspend your modern world, rejuvenate with joy, inspiration and connection. Parte Della Famiglia Experience our Italian hospitality. Step into our home, and you're one of the family. Feel the Difference A joyful celebration of life, family and circus. A collection of talents from around the globe.

Learn more about Winter Park events here!