There is no single required down payment: the right amount depends on loan type, property, credit, finances, monthly payment comfort, reserves, and market competition.
The traditional 20% benchmark mainly mattered for avoiding mortgage insurance on conventional loans; many buyers qualified with less, but still needed cash for closing costs.
Closing costs can include lender fees, first-year homeowners insurance, escrow setup, and title fees, and sellers may sometimes cover part to help preserve reserves.
Conventional loans can start at 3% down, some government-backed options allow 0%, and jumbo loans often need 10% to 20%+ with stronger reserves.
Assistance programs from housing agencies, nonprofits, or employers can help with down payments and closing costs; >2,700 US programs offer avg. benefits near $18K.
A larger down payment can lower the loan, monthly payment, and insurance costs, but buyers may benefit from budgeting first and keeping emergency reserves.