What is the minimum down payment for a home loan?

Down payment requirements depend on the loan type. Some programs allow as little as 3% down, while VA and USDA loans may offer zero down payment options for qualified buyers. A higher down payment can reduce monthly payments and help avoid private mortgage insurance (PMI).

Can I use gift funds for my down payment?

Many loan programs allow gift funds from family members or approved sources. Documentation is required to show the money is a gift and not a loan. Gift funds can be used toward down payment and sometimes closing costs.