Question 1 of 5
The higher your down payment, the lower your monthly mortgage payment will be. The amount required for a down payment depends on your loan type. Typically you will need to save 5 to 20 percent of the sale price in cash in order to qualify for a conventional loan.
However, it all really depends on the type of loan you qualify for. An FHA loan requires a down payment of 3.5%.
Programs exist to reduce this amount even more. Such as the HAT (Homeownership Across Texas) program, which allows qualified buyers to use up to 5% of their loan amount toward their down payment or closing costs (or both)!