How much down payment do you need?

It depends on the loan. Eligible VA buyers can often buy with no down payment, and many conventional and FHA loans allow low down payments. Putting 20% down on a conventional loan avoids private mortgage insurance, but that isn't the only way to buy. What I often see is non-VA buyers putting down about 5%, because coming up with 20% on a $300,000 or $400,000 home is a lot of cash. VA buyers nearly always choose 0% down, since it doesn't raise the monthly payment much and keeps their cash available. Confirm the current minimums for each loan type with your lender, since programs change.