You don’t need 20% down. Many conventional loans allow as little as 3% down, FHA loans require 3.5%, and VA and USDA loans may require nothing down for eligible borrowers. Putting 20% down on a conventional loan does let you avoid private mortgage insurance (PMI).

The typical buyer puts down far less than 20%, and first-time buyers often put down less than repeat buyers. The right amount for you depends on your loan program, savings and how you want to balance your monthly payment against cash on hand.

Yes, if you qualify for a zero-down loan program. VA loans serve eligible veterans and service members, USDA loans serve buyers in eligible rural and suburban areas, and down payment assistance programs can help cover upfront costs.

Set a savings goal, automate deposits into a dedicated account, trim recurring expenses and put windfalls like tax refunds or bonuses toward your fund. Paying down high-interest debt also helps, since it improves the debt-to-income ratio lenders review.

Plan for closing costs, appraisal and inspection fees, moving costs, homeowners insurance, property taxes and an emergency fund for repairs. Budgeting for these upfront helps you avoid surprises at the closing table and after move-in.

The most common options are conventional, FHA, VA, USDA and jumbo loans. Each has different down payment, credit and property requirements, so the best fit depends on your finances and the home you want. These same programs are also available if you’re refinancing an existing mortgage.

FHA loans require mortgage insurance, which includes an upfront premium of 1.75% of the loan amount plus an annual premium paid monthly. MIP protects the lender and makes it possible to qualify with a smaller down payment or lower credit score. Many FHA borrowers later refinance into a conventional loan to remove MIP once they’ve built enough equity.

One option is a buydown, where you or the seller pay discount points at closing to reduce your rate, either permanently or for the first few years of the loan. Improving your credit score, making a larger down payment and comparing lenders can also help, whether you’re buying or refinancing.

A cosigner with strong credit or income can help you qualify, but they become legally responsible for the loan and it affects their own credit and borrowing power. Make sure both of you understand the risks before applying; later, you may be able to refinance to remove the cosigner.

Use recent comparable sales to support your offer, and know your maximum price before you start. Beyond price, you can negotiate seller-paid closing costs, repairs or a rate buydown, which can be worth more than a small price cut.

An appraisal contingency lets you renegotiate or walk away without losing your earnest money if the home appraises for less than the purchase price. It protects you from overpaying, since lenders base the loan amount on the appraised value.

Appraisers evaluate the home’s size, condition, layout, upgrades and location, and compare it to recent nearby sales. Whether you’re buying or refinancing, a clean, well-maintained home and a list of recent improvements can support a stronger value.

A home inspector checks the roof, foundation, plumbing, electrical, HVAC, windows, attic and major appliances for safety issues and needed repairs. The report helps you decide whether to request repairs, ask for a credit or move forward as is.

Cash to close is the total amount you need to bring to closing: your down payment plus closing costs, minus any deposits, credits or seller contributions. You’ll find the exact figure on your Closing Disclosure, which you receive at least three business days before closing.

Declutter, make minor repairs, deep clean, boost curb appeal and consider staging so buyers can picture themselves in the space. Pricing the home correctly from the start helps it sell faster, and if you’re buying your next home at the same time, getting preapproved early keeps both transactions on track.