How Much of a Down Payment Do You Need? How Much of a Down Payment Do You Need? How much of a down payment you're required to make will depend in part on the type of mortgage you apply for. Veterans Administration (VA) and Rural Housing Service (RHS) loans require none. Some first-time homebuyer programs require as little as 3 percent of the selling price of the property as a down payment. Generally speaking, most conventional lenders want a minimum of 5 percent. To avoid having to purchase private mortgage insurance (PMI), you'll need a down payment of at least 20 percent of the home's selling price.