The amount of deposit required for a mortgage varies depending on the type of mortgage youre planning to apply for. While some types of loans backed by the federal government may not require down payments, most lenders require a down payment for most mortgages. The minimum down payment required for a house varies depending on the type of mortgage youre planning to apply for. Here are some examples:

• As low as 3% down payment mortgages: Some conventional mortgages, such as HomeReady and Home Possible, require as little as 3% down, provided you meet certain income limits.
• As low as 3.5% down payment mortgages: FHA loans, which are backed by the Federal Housing Administration, require as little as 3.5% down if you have a credit score thats at least 580. If you have a credit score thats between 500 and 579, FHA loans require a 10% down payment.
• Conventional fixed-rate loans: The minimum down payment for conventional fixed-rate loans is 5% .
• Jumbo loans: Jumbo loans require a minimum down payment of 10% .
• VA mortgage: VA mortgages require a 0% down payment.

Its important to note that just because a mortgage requires a minimum down payment doesnt mean you cant put down more if you choose to. The larger the deposit, the less money you’ll need to borrow to purchase the property, which also means that you’ll save a large amount in interest payments over the course of your mortgage.