The amount you need to put down on a house depends largely on the type of mortgage loan you choose and your financial situation. Here is a summary of typical down payment requirements:

• Conventional loans: Usually require a minimum down payment of 3%, especially if your credit score is 620 or higher. Some conventional loan programs like Fannie Mae’s HomeReady or Freddie Mac’s HomePossible offer down payments as low as 3%

• FHA loans: Require a minimum down payment of 3.5% if your credit score is at least 580. If your credit score is between 500 and 579, you need to put down at least 10%

• VA loans: Do not require any down payment for eligible veterans, active military members, and certain surviving spouses

• USDA loans: Also require no down payment but are limited to homes in USDA-approved rural or suburban areas and have income restrictions

• Jumbo loans: These loans exceed conforming loan limits and usually require a larger down payment, typically between 5% and 10% or more, depending on the lender

• Investment properties or second homes: Down payment requirements are generally higher, often 20% or more

While 20% down is traditionally recommended to avoid private mortgage insurance (PMI) and reduce monthly payments, many buyers put down less. According to recent data, the median down payment for U.S. homebuyers is around 10-18%, with first-time buyers averaging about 9-13.6%

. In summary, you can put down as little as 0% (VA or USDA loans) or as low as 3-3.5% (conventional or FHA loans with good credit), but putting down more (such as 20%) reduces your loan amount, monthly payments, and mortgage insurance costs