If you’re thinking about buying a home, you might be wondering: How much do I actually need to save for a down payment? The good news is that you may not need as much as you think!
Many first-time buyers assume they need 20% down, but there are plenty of loan programs that require much less—some as low as 0%! Let’s break down the most common options.
🔎 Breaking Down Your Loan Options
🏡 Conventional Loans
✔️ 3% to 5% down (as low as $9,000 on a $300,000 home)
✔️ Recommended credit score: 640+
✔️ No mortgage insurance required after 20% equity
✔️ Lower long-term costs compared to FHA
🏡 FHA Loans (Government-Backed Loan)
✔️ 3.5% down ($10,500 on a $300,000 home)
✔️ Minimum credit score: 580+ (better rates at 620+)
✔️ Easier qualification, lower credit requirements
✔️ Mortgage insurance required for the life of the loan
FHA loans are great for first-time buyers who may not have a high credit score or large savings for a down payment.
🏡 VA Loans (For Military & Veterans)
✔️ $0 down payment required
✔️ No private mortgage insurance (PMI)
✔️ One-time funding fee instead of monthly mortgage insurance
✔️ Only available to veterans, active-duty military, and qualifying spouses
For those who qualify, VA loans are one of the most affordable ways to buy a home with no money down.
❓ What If You Don’t Have Enough for a Down Payment?
If you’re worried about affording a down payment, there are programs that can help:
💰 Down Payment Assistance (DPA) – Some programs provide up to 10% of the home’s price
🏡 Grants & Forgivable Loans – Money that doesn’t need to be repaid
🔄 Seller & Lender Contributions – Some sellers/lenders may cover part of your closing costs
💰 Want to Find Out What You Qualify For?
Many first-time homebuyer programs are available to help you get started. If you’re curious about what you qualify for, the best step is to connect with a home-buying expert today!
🔹 Ready to See What You Qualify For? 🔹
Click below to check your eligibility for first-time homebuyer assistance!