There is no set amount. In fact, you might be surprised to learn that many first-time home buyer programs require as little as 3.5% down. Today, there are many loan programs that can be tailored to fit your needs and financial resources. Keep in mind that for down payments of less than 20% on conventional loans, private mortgage insurance (PMI) will be required.
Traditional loans usually require documents that verify your employment, income and assets, and may include:
  • Your Social Security number.
  • Pay stubs for the last two months.
  • W-2 forms for the past two years.
  • Bank statements for the past two or three months.
  • One to two years of federal tax returns.
  • A signed contract of sale (if you've already chosen your new home).
  • Information on current debt, including car loans, student loans and credit cards.
  • You may want to consider refinancing if you are interested in paying off high-interest-rate debt, shortening the length of your repayment term for your mortgage or lowering your monthly mortgage payment.