Quick answer
A down payment is the part of the purchase price you pay upfront; the mortgage covers the rest. Minimums run from 0% on VA and USDA loans to 3% on some conventional loans and 3.5% on FHA loans, and with less than 20% down you’ll usually pay for mortgage insurance.
Key facts
Minimums on a median-priced home
| Loan | Minimum | In dollars |
|---|---|---|
| VA | 0% | $0 |
| USDA | 0% | $0 |
| Conventional (some programs) | 3% | $10,800 |
| FHA | 3.5% | $12,600 |
Putting 20% down, $72,000 here, avoids private mortgage insurance on a conventional loan. VA and USDA loans need no down payment for eligible buyers but generally charge an upfront funding fee (VA) or guarantee fee (USDA). Every dollar you put down lowers your loan-to-value ratio and your monthly payment.
Where the money can come from
Savings and the proceeds from selling a home are the usual sources. Family money documented with a gift letter and down-payment assistance can cover part or all of it, depending on the loan. Lenders check where the funds came from, so large recent deposits need a paper trail. Set aside enough for closing costs too; the down payment guide shows how to balance the two.
Sources
- US Census Bureau, American Community Survey 2024 1-year — Median value of owner-occupied homes (2024 ACS 1-year)
- U.S. Department of Veterans Affairs — VA purchase loan down payment (price at or below appraised value) (Jan 7, 2026)
- USDA Rural Development — USDA guaranteed loan down payment (Oct 28, 2026)
- CFPB — Minimum down payment on some conventional loans; Minimum FHA down payment (Oct 28, 2026)
- CFPB: Where can I get money for a down payment on a home?
Last reviewed Figures are checked against the sources above. Read our editorial policy. This page is general information, not financial advice — see the disclaimer.