A common benchmark for conventional mortgages is 20% of the purchase price, but many homebuyers put down less. In fact, some government‐backed loans such as FHA mortgages accept down payments as low as 3.5 %, which can be an attractive option for first‐time buyers or those rebuilding credit. Your optimal down‐payment amount will depend on your credit score, debt‐to‐income ratio, and the type of loan you choose. Remember that a larger down payment lowers your monthly mortgage payment and can eliminate the need for private mortgage insurance, while a smaller down payment keeps more cash available for repairs or moving costs.

For personalized guidance, explore our Get Pre‐Approved page and discuss financing options with a trusted lender.