How Much Do I Need for a Down Payment

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How Much Do I Need for a Down Payment

Worried You Need 20% Down? Here’s the Real Deal.

If you’ve heard that you have to put 20% down to buy a home, you’re not alone—and you’re also not quite right. The idea of needing a huge pile of cash stops a lot of people from even trying. But the truth is, there are flexible, first-time-friendly options out there—and we’re here to break them down.

Here are 3 things you really need to know about down payments.

1. Yes, 20% Down Is the Gold Standard—But Not Required

Putting 20% down has real perks: it helps you avoid PMI (private mortgage insurance), builds instant equity, and often leads to better loan terms. But it’s not a requirement. In fact, most first-time buyers don’t put down 20%. So don’t let that number scare you off.

2. FHA & Low Down Payment Loans Make Buying More Accessible

Good news: there are low down payment options like FHA loans, which let you buy a home with as little as 3.5% down. Conventional loans can even go as low as 3% down in some cases. Just remember—if you put down less than 20%, PMI will apply, so factor that into your monthly payment.

3. Save Smart—Not Just for the Down Payment

Your down payment isn’t the only upfront cost. You’ll also need money for closing costs, moving expenses, and a small emergency cushion. Planning for these extras helps you avoid getting stretched too thin once you move in. It’s not just about getting the keys—it’s about keeping your peace of mind, too.

Need Help Finding the Right Down Payment Strategy?

Everyone’s financial story is different—and that’s why we don’t believe in one-size-fits-all advice. At Stairway Mortgage, we help you explore low down payment programs, get clarity on your numbers, and walk step-by-step toward your first home.
📘 Download our Down Payment Prep Guide to see what’s possible with your savings.
📞 Or [book a quick call with our team] and we’ll show you all your options in 15 minutes or less.
You’ve got more options than you think. Let’s find the one that fits you.

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