What is Down Payment?
Upfront cash paid toward home purchase. Typical minimums: conventional 3%, jumbo 10-20%. 20% down avoids PMI.
A down payment is the upfront cash you pay toward a home purchase, expressed as a percentage of the purchase price. Requirements vary by loan type: conventional allows 3-5% for many first-time buyers, while jumbo loans often require 10-20%. Putting 20% down avoids private mortgage insurance (PMI) on conventional loans.