How Much Down Payment Do You Need To Buy a House?

One of the first questions I often hear is, “How much do I need for a down payment?” The answer can vary quite a bit depending on your loan type and eligibility. For conventional loans, you may be looking at a minimum down payment of 3%, while FHA loans typically require 3.5%. If you qualify for a VA or USDA loan, it’s even possible to secure a mortgage with 0% down. Many clients ask about putting 20% down, which can help you avoid private mortgage insurance (PMI)—usually adding 0.5% to 1.5% annually to your costs. It's also important not to overlook closing costs, which tend to run between 2% and 5% of the home’s price. My goal is to make sure you have all the information you need to make confident, informed decisions as you move forward on your home financing journey.