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Key takeaways You don’t need to put 20 percent down on a home — the minimum down payment for a house can be much lower. The average down payment on a house for a first-time buyer is just 8 ...
The median down payment on a home in the U.S. in Q1 2024 was $26,700 — about 8% of the median home purchase price at that time. The minimum down payment needed for a mortgage depends on the cost ...
For example, first-time homebuyers and buyers with low to moderate incomes could qualify for a fixed-rate conventional loan with a 3 percent down payment. Some lenders require a 5 percent minimum.
If you’re a first-time homebuyer feeling worried by the 20% down payment guidance commonly quoted, know that a down payment can actually be much lower—for example, 3% to 5% depending on loan type.
Federal Housing Administration loans, which are popular with first-time buyers, have lower minimums: 500 with a 10 percent down payment, or 580 with a 3.5 percent down payment.
What is the minimum down payment for a house? For conventional loans, the minimum mortgage down payment is 3 percent. FHA loans require a down payment of 3.5 percent with a credit score of 580 or ...
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