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

Having spent more than 25 years navigating both real estate and mortgage landscapes, I’m often asked: how much do you really need for a home down payment? The truth is, there’s a wide range—some loans, like VA and USDA, offer 0% down for eligible buyers, while conventional loans may require as little as 3%. FHA loans typically ask for 3.5%. While many think 20% is the gold standard to avoid PMI (private mortgage insurance, which adds 0.5%-1.5% annually), there are options for buyers with lower down payments. And don’t forget, closing costs usually run 2%-5% of the purchase price. My experience as both a real estate and mortgage broker allows me to help clients understand the nuances of these numbers and find the right fit for their situation.