What is the minimum down payment for a $500k house?

Your minimum down payment needed for a $500K house with a conforming loan can be $15,000. FHA loans are partly guaranteed by the Federal Housing Administration (FHA). Expect: However, high mortgage insurance premiums can make them more costly overall. Worse, you’ll have to pay private mortgage insurance for the lifetime of your home loan.

What is a typical down payment on a house?

The typical down payment on a house is between 3% and 20% of the purchase price. The amount you’ll be required to put down may vary depending on the loan program you use to finance the home purchase. Government-backed loans like VA and USDA allow for down payments as low as 0%.

Do you need a down payment on a house?

The minimum amount required for a down payment on a house depends on the type of home you’re buying and the loan you're using to make the purchase. Some mortgage buyers may be able to qualify for a government-backed home loan with 0% down, but the more common conventional loan usually requires a down payment of at least 3-5%.