Down Payment Assistance Resources

Traditionally, putting at least 20% down on a home is recommended. A down payment of 20% can increase your chances of getting approved for a mortgage and allows you to avoid mortgage insurance payments. However, you can put less than 20% down. The minimum down payment varies based on factors like the type of mortgage, lender, and the borrower’s credit history.

Lenders require down payments for most types of mortgages. Mortgages that are backed by the federal government—like VA loans and USDA loans—usually do not require down payments.

Yes. The amount of your house down payment depends on the type of mortgage and other factors like credit history and the lender. Some conventional mortgages require as little as 3% down (although you will likely have to pay for private mortgage insurance when you put less than 20% down), the FHA loan requires as little as 3.5% down, and VA and USDA loans require no down payment.

A large down payment on a mortgage can garner you a better interest rate, lower upfront and ongoing fees, more equity in your home from the start, and a lower monthly mortgage payment.

We have a tool for that! Use the Fifth Third Mortgage Affordability Calculator to determine how much home you can afford and what your monthly payments will look like.