The minimum down payment required for a conventional loan is 3%. As a result, some homebuyers consider getting a personal loan to give them the cash needed for a down payment and closing costs. 1. That white picket fence doesn’t seem like such a faraway dream after all. The 0 percent down payment required for a VA-backed loan is hard to beat (though there is an upfront fee of 2.15 percent or 3.3 percent of the loan amount that can be rolled into the mortgage.) When you buy a house, condo or duplex that will become your residence, at the time of signing the mortgage loan, you’ll have to pay a minimum of 5% of the sales price for a home that is $500,000 or less. Not only will this lower the interest you repay, but it will shorten the payback period of your mortgage. But there may be other ways to address your down payment concerns. In theory, a personal loan, which can be used for many purposes, may seem like a feasible way to help you secure a down payment on a house. It will give you even more practical tips to help you save a down payment fast. Some special loan programs even allow for 0% down payments. The sellers enroll their house in a suitable program and contribute an amount equal to the assistance their buyer will receive at closing plus a fee—typically 0.75% of the home's sales price. Most Americans want to own a home, but the down payment that's required can make owning property a pipe dream. For more ways of getting a down payment in Canada, check this out. The 20 percent down payment myth. Find out whether you need to follow the 20% percent rule or if you can get … What's the average down payment on a house? According to a 2018 survey from rental marketplace Apartment List, 61.7 percent of millennials who want to buy a home said they can't afford a down payment.The good news is homebuyers can get help. The number of down payment programs can fluctuate because there are federal, state, county, municipal, and private down payment grant programs available. Never fear: There are plenty of ways to amass a sizable down payment fast. Our down payment calculator tool helps you understand what your minimum potential down payment could be in your geography based on the target home price that you choose. First things first: The idea that you have to put 20 percent down on a house is a myth. Saving for a down payment on a house can take years. Check out these tactics, along with their pros and cons. A down payment on a home is a big action step to ensure you get the house you want, and the mortgage loan you want. A big down payment is a smart way to keep your mortgage payments low - but not always. Ideally, you should have taken the time to save up for a down payment on a home without having to borrow funds.