You don't always need 20% down. But a smaller down payment usually means mortgage insurance and a bigger loan.
Common minimums
- Some conventional loans allow as little as 3% down for eligible first-time buyers
- FHA loans allow 3.5% down with a credit score of at least 580
- VA and USDA loans may allow 0% down for eligible borrowers
- 20% down on a conventional loan avoids private mortgage insurance
Don't empty your savings
Keep an emergency fund after closing. Homes come with surprises.
Program rules change. See our down payment options page, and check with lenders and HUD.gov. Save More Haven isn't paid by any lender, broker or real estate agent.