How Much Do I Need for a Down Payment?
The down payment is often the biggest hurdle for homebuyers, but the amount required might be much less than you think.
Down Payment by Loan Type
Conventional: As low as 3% for first-time buyers, 5% for repeat buyers. 20% eliminates private mortgage insurance (PMI).
FHA: 3.5% with a credit score of 580+. 10% with a score of 500-579.
VA: 0% — no down payment required for eligible veterans and service members.
USDA: 0% — no down payment for eligible rural properties and income-qualifying buyers.
Jumbo: Typically 10-20%, depending on the lender and loan amount.
Real Numbers on a $350,000 Home
3% down = $10,500 · 3.5% down = $12,250 · 5% down = $17,500 · 10% down = $35,000 · 20% down = $70,000. Remember, lower down payments mean higher monthly payments and potential mortgage insurance.
Down Payment Assistance in Texas
Programs like TSAHC, TDHCA, and local city programs can provide $5,000-$15,000+ in assistance. Some are outright grants; others are forgivable second liens. QuickFund Mortgage helps clients access these programs daily.
The 20% Myth
Less than 15% of homebuyers put 20% down. If you’ve been waiting to save a huge down payment, you may already have enough. Let QuickFund run the numbers for your specific situation.