This is one of the top questions I get from home buyers! Only 3.5% is required if you’re using a Federal Housing Administration (FHA) loan, which is a popular mortgage for first-time buyers! I have helped many buyers win bids at 5% or 10% down even when competing with multiple offers, so it depends. The majority of my buyers win bids within the first three offers because I help them understand the market very quickly and aggressively position their offers. 80% of my buyers buy their home within a month of actively searching because I help them quickly identify what they are looking for.

Generally, you can avoid paying for private mortgage insurance (PMI) if you put 20% down. But don’t worry, if you have less than 20% down, there’s a strategy called an 80-10-10 loan that can help you avoid the PMI!

With an 80-10-10 loan, you take out a primary mortgage for 80% of your purchase price and a second mortgage for another 10%, while making a 10% down payment. The end result: You get into the home you love without having to pay extra for PMI.