Here are some of the most common types of mortgage loans and their typical down payment requirements: Conventional mortgages , which aren’t backed by a government program, can require a down payment as low as 3%. It might not be easy to temporarily forgo weekly takeout or other nonessential purchases, but doing so could help you meet your savings goals more quickly. In addition to your down payment, you’ll also need to prepare for other costs when buying a home, such as: Closing costs: These are the expenses you pay when you finalize your home purchase, and they typically range from 3% to 6% of your loan amount.
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