How much do I need to put down on my home purchase?

0% down payment mortgages. Guaranteed by the U.S. Department of Veterans Affairs, VA loans rarely require a down payment. VA loans are for current and veteran military service members and eligible surviving spouses. USDA loans, backed by the U.S. Department of Agriculture's Rural Development program, also have no down payment requirement. USDA loans are for rural and suburban home buyers who meet the program's income limits and other requirements.

As low as 3% down payment mortgages. Some conventional mortgages, such as HomeReady and HomePossible, require as little as 3% down, provided you meet certain income limits/guidelines. Conventional loans are not backed by the government, but they do follow the guidelines set by the government-sponsored enterprises — or GSEs — Fannie Mae and Freddie Mac.

As low as 3.5% down payment mortgages. FHA loans, which are backed by the Federal Housing Administration, require as little as 3.5% down if you have a credit score that's at least 580. If you have a credit score that's lower and between 500 and 579, FHA loans might require more of a down payment.

As low as 10% down payment mortgages. Jumbo loans are home loans that fall outside of the Federal Housing Finance Agency's conforming loan limits. Because these larger loans can't be guaranteed by the GSEs, lenders tend to ask for higher down payments in order to offset some of the risk.

Down payment assistance/grants. Some institutions will offer down payment assistance and down payment grants that will cover all/some of your total down payment required. These programs are usually tied to the area, the income of the borrower and/or the type of work the borrower does for a living.