There are mortgage options available that only require a down payment of 5% or less of the purchase price. You’ll see some pictures in this video to help you remember later – but, the larger the down payment, the less you have to borrow, and the more equity you’ll have.
Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan.
When considering the size of your down payment, consider that you’ll also need money for closing costs, moving expenses, and – possibly – repairs and decorating.