Down payment by loan type
| Loan | Minimum down | On a $350,000 home |
|---|---|---|
| VA | 0% | $0 |
| USDA | 0% | $0 |
| Conventional | 3% | $10,500 |
| FHA | 3.5% | $12,250 |
| Jumbo | 10%–20% | Varies |
Is it better to put 20% down?
A larger down payment lowers your loan amount, monthly payment and interest, and avoids PMI. But draining your savings can leave you exposed to repairs or job loss. Many buyers put down less and keep 3–6 months of expenses in reserve.
Where can down payment money come from?
- Savings and checking accounts
- Gifts from family (documented with a gift letter)
- Down payment assistance programs
- 401(k) loans or withdrawals (understand tax consequences)
- Proceeds from selling a current home
Frequently asked questions
Yes. Closing costs typically run 2%–5% of the loan amount, though sellers, lenders or assistance programs can sometimes cover part of them.
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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.