: PMI protects the lender, not you, if you default on the loan.

: Backed by the Federal Housing Administration, these require only 3.5% down and are more flexible for those with lower credit scores (minimum 580).

Buying a home with less than 20% down is the modern norm, with many first-time buyers putting down as little as 3% to 6%. While this allows you to enter the market sooner and keep cash on hand for emergencies or repairs, it typically requires paying for mortgage insurance and results in higher monthly payments. Common Low Down Payment Options

If you put down less than 20% on a conventional loan, you must pay .

: Aimed at rural and suburban homebuyers with low-to-moderate incomes, these also offer 0% down . The Role of Mortgage Insurance

: Available to eligible veterans and service members, these often require 0% down and no monthly mortgage insurance.

Lenders offer several programs designed for buyers who cannot or choose not to meet the 20% threshold: