Buyers Ask: How much down payment will I need?

The amount of down payment you will need to buy a home depends on the type of loan you get and your credit score.

For conventional loans, the minimum down payment is typically 20%. However, some lenders may allow down payments as low as 3%. For FHA loans, the minimum down payment is 3.5%. For USDA loans, there is no down payment required.

If you have a lower credit score, you may need to make a larger down payment. This is because lenders view borrowers with lower credit scores as being more of a risk.

Here is a table that summarizes the down payment requirements for different types of loans:

Loan type

Minimum down payment

Conventional loan


FHA loan


USDA loan


It is important to note that making a larger down payment can have several benefits. First, it can help you qualify for a lower interest rate. Second, it can reduce your monthly mortgage payments. Third, it can give you more equity in your home.

However, if you are not able to make a 20% down payment, don't let that discourage you from buying a home. There are still many options available to you.

Here are some tips for saving for a down payment:

  • Create a budget and set a savings goal.
  • Automate your savings by setting up a recurring transfer from your checking account to your savings account each month.
  • Cut back on unnecessary expenses.
  • Get a side hustle.
  • Consider asking for help from family or friends.

Buying a home is a big decision, but it can be a very rewarding experience. By carefully planning and saving for your down payment, you can make your dream of homeownership a reality.



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