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For most home purchases, a standard down payment is approximately 20% of the home’s price. However, some loan programs allow for lower down payments, sometimes as little as 3.5%, depending on the type of loan and your financial qualifications.
A larger down payment reduces the total amount you need to borrow. This can lower your monthly mortgage payment or allow you to afford a higher-priced property. Various down payment assistance programs may also be available depending on your situation and eligibility.