How Much Is a Down Payment on a House?

The minimum down payment depends on the loan, not a rule of thumb: 0% on VA and USDA loans, 3% on some conventional loans, and 3.5% on an FHA loan with a 580 or higher credit score. Twenty percent is not required; on a conventional loan it is the point where private mortgage insurance stops being required. The down payment is also only part of the cash you bring to closing.

How much is a down payment on a house?

Here are the published minimums by loan type. Lenders can ask for more, and each program has its own eligibility rules.

Loan	Minimum down	Eligibility
VA	0%	Eligible veterans and service members. VA itself requires no down payment.
USDA guaranteed	0%	Homes in USDA-eligible rural areas; household income up to 115% of the area median.
Conventional 97% (Fannie Mae)	3%	At least one first-time buyer (no home owned in the past three years), or HomeReady with income up to 80% of the area median; fixed rate, one-unit primary residence.
FHA	3.5% (score 580+) 10% (score 500-579)	Below 500 is not eligible. Adds an upfront mortgage insurance premium of 1.75% of the loan plus an annual premium.
Conventional, 20% down	20%	No private mortgage insurance.

On a $400,000 home that works out to $0 (VA, USDA), $12,000 (3%), $14,000 (3.5%), $40,000 (10%) or $80,000 (20%).

How much money do you need to buy a house?

Your cash to close is four things added together:

Down payment, from the table above.
Closing costs: title insurance, lender fees, recording and, in Florida, the taxes on a new mortgage. Price yours with our buyer closing costs calculator.
Prepaids: the first deposit into your escrow account for property taxes and homeowners insurance, plus prepaid interest.
Reserves: some loans require savings left over after closing; your lender sets the number.

Your earnest money deposit is not extra money: it is paid early and credited toward your cash to close.

How much money do I need to buy a house in Florida or Georgia?

The same four pieces, but Florida buyers should get a homeowners insurance quote before the inspection period ends, because insurance cost varies a lot by county and roof age. Our Florida affordability calculator includes each county’s property tax and average insurance, so the price you can afford is realistic for where you are buying.

Down payment help can cover part of the gap. See the Florida down payment assistance programs and the Georgia down payment assistance programs. Fannie Mae allows gifts, grants and Community Seconds to cover the down payment and closing costs on its 97% loans, with no minimum from your own funds.

What do you need to buy a house?

A credit check and a pre-approval letter from a lender (see what credit score you need).
Income documents: recent pay stubs, W-2s or tax returns.
Bank statements showing your down payment and closing funds, and a gift letter if family is helping.
A written buyer agreement with your agent: since August 17, 2024, agents who use an MLS sign one with you before touring a home.
Your earnest money deposit when your offer is accepted, then a homeowners insurance policy before closing.

More buyer guides

Common questions

How much is a down payment on a house?

It depends on the loan: 0% for VA and USDA loans, 3% for Fannie Mae's 97% conventional loans (first-time buyers or HomeReady), 3.5% for FHA with a 580+ credit score, and 10% for FHA with a 500-579 score. Twenty percent avoids private mortgage insurance on a conventional loan but is not required.

How much money do you need to buy a house?

The down payment plus closing costs, prepaid taxes and insurance for your escrow account, and any reserves your lender requires. Use the buyer closing costs calculator to estimate your total cash to close.

Can I buy a house with no money down?

Yes, with a VA loan if you are eligible, or a USDA guaranteed loan on a home in an eligible rural area. You still need money for closing costs unless the seller or a grant covers them.

Do I need 20% down to buy a house?

No. Twenty percent is the point where a conventional loan no longer needs private mortgage insurance. FHA, VA, USDA and 3% conventional loans all allow far less.

Can a gift pay for my down payment?

Often, yes. Fannie Mae lets gifts, grants and Community Seconds cover the down payment and closing costs on its 97% loans. FHA and other programs have their own gift rules, so ask your lender before the money moves.

Next step

Sources: VA loan guarantee program summary (FDIC Affordable Mortgage Lending Guide); USDA Rural Development guaranteed loan fact sheet; Fannie Mae 97% LTV options FAQ; FHA 203(b) program summary (HUD rules, FDIC Affordable Mortgage Lending Guide). Checked 2026-10-25.

General information for home buyers, current as of 2026-10-25. Loan programs, limits and lender requirements change; confirm the details with your lender before you rely on them. Not legal, tax or lending advice. Equal Housing Opportunity.

How Much Is a Down Payment on a House?