After 35 years in the mortgage business, I’ve seen plenty of myths swirl around down payments. Here’s the truth: you don’t always need 20% down to buy a home. Depending on your loan, the requirements can range from zero down (for VA or USDA loans) to just 3% for many conventional mortgages, and 3.5% for FHA. Yes, putting 20% down lets you skip PMI—which runs 0.5% to 1.5% of your loan each year—but for many buyers, the right fit comes from knowing all your options. And don’t forget, closing costs typically land between 2% and 5% of the purchase price. For nearly a decade, I’ve ranked among the nation’s top mortgage brokers by guiding clients through these choices, helping families find the smart move for their situation. If you’re weighing down payment strategies, know that experience matters—and the right guidance can make all the difference.
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