You typically require a down payment of at least 3 percent of the price of your desired house. Many lending programs and lenders demand a down payment of 5% or more.
If you put down at least 10% of the home's price, you can frequently save money; however, if you put down at least 20%, you'll save the most.
Lenders often consider down payments in increments of 5% when determining the interest rate and loan fees to provide you. Savings are typically not available for making a down payment that is "nearly" necessary.
For instance, if you have enough money saved for a down payment of, say, 8% of your goal home price, consider whether you could save up a little more money before buying or choose a somewhat less expensive home to reach the 10% threshold. A HUD-certified housing counselor might be able to help you if you're unsure about what to do.
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