How much down payment does a first-time home buyer need?
First-time home buyers can buy with as little as 0% down (VA, USDA), 3% down (Conventional 97), or 3.5% down (FHA). Most state HFA programs add 3-7% in down payment assistance grants. The 20% down stereotype is no longer the norm — average first-time buyer down payment is 6-8%.
More context
First-time home buyers can buy with as little as 0% down (VA, USDA), 3% down (Conventional 97), or 3.5% down (FHA). Most state HFA programs add 3-7% in down payment assistance grants. The 20% down stereotype is no longer the norm — average first-time buyer down payment is 6-8%. The exact answer depends on your specific situation — the numbers above are a strong starting point, but the right next step is to plug in your actual figures.
For a deeper analysis, use one of the related tools below — they take your specific income, debt, location, and goals as inputs and produce a tailored answer.