Down Payments & Assistance
One of the biggest myths in real estate is that you need 20% down. In reality, many buyers put down far less. Here's what to know.
How much do you need?
Down payment minimums depend on the loan: 0% for VA (eligible borrowers), 3.5% for FHA, and as little as 3% for some conventional programs. Putting down 20% on a conventional loan lets you skip PMI.
More vs. less down
A larger down payment lowers your monthly payment and total interest and can improve your rate. A smaller down payment lets you buy sooner and keep cash in reserve. Neither is universally “right.”
Assistance programs
Many states and cities offer down payment assistance, grants, or favorable loans for first-time and moderate-income buyers. Start with HUD's resources and your state housing finance agency, and ask a HUD-approved housing counselor.
Related Guides
Get a Free Booklet
Pick a topic — each opens a quick page where your PDF downloads free.
- VA Loan Booklet Zero-down benefits, the funding fee, and eligibility — explained.
- FHA Loan Booklet 3.5% down, credit flexibility, and how mortgage insurance works.
- Conventional Loan Booklet Low-down options, PMI, and how to get the best pricing.
- Refinancing Booklet Rate-and-term vs. cash-out, and finding your break-even point.
- First-Time Buyer Booklet A step-by-step roadmap from budgeting to closing day.
- Jumbo Loan Booklet High-balance loans: requirements, rates, and when they make sense.
- DSCR Investor Loan Booklet Qualify on rental income, not personal W-2s — built for investors.
- Reverse Mortgage Booklet How HECMs work, eligibility, and what homeowners 62+ should know.
- HELOC & Home Equity Booklet Compare HELOCs and home equity loans: structure, rates, and use cases.
100% free · instant PDF download · no obligation.