Many home buyers share the misconception that they must make a minimum down payment of 20% to buy a home. The statistics tell a different story, though. In 2024, the typical down payment for a first-time home buyer was 9%, according to the National Association of REALTORS®. But if this figure still seems a bit steep, you’re not entirely out of luck. Many loan programs allow down payments from 3% to 5% — and a couple of years ago, lenders started rolling out mortgage options that require just 1% down. Lea ...