You don’t need a 20% down payment to buy a house… You need 3% down if you’re a 1st time homebuyer, 5% down if you’re not a 1st time homebuyer A lot of people think they need 20% down because that’s the threshold for Mortgage Insurance. Mortgage Insurance is required anytime you have less than 20% down. In years past, it was quite expensive, so I think that’s where the idea of 20% down came from. Now, mortgage insurance is MUCH cheaper, because it’s based on credit score, so it’s a fraction of what it was in years past. So really, it’s 3% down for 1st time homebuyers, 5% down if not a 1st time homebuyer and we can price out the different mortgage insurance options for you.