You might think you need a 20% down payment to buy a house, but that could be delaying your plans for no reason. In Las Vegas, there are options with much lower down payments, and even programs that allow 0% down for those who qualify.
For this reason, I want to explain in simple terms how much down payment you might actually need, and how you can take advantage of these options.
Rather than giving you just one number, my goal is to help you understand the different choices available and show which one could work best for your situation.
What is a down payment when buying a house?
A down payment is the money you’ve saved and plan to use to buy your home. You pay it upfront as part of the total purchase price.
This payment, in turn, helps reduce the amount of money you need to borrow from the bank.
In other words, the bigger your down payment, the less you will owe the bank, which can make buying your home easier and more affordable.
How does the down payment affect your monthly payment?
When you make a larger down payment, you end up borrowing less money from the bank. As a result, your monthly payments are lower, and you pay less interest over time.
For this reason, before putting down only the minimum, it’s a good idea to consider how it will affect both your monthly payment and the total amount you’ll pay for your home.
- Lower monthly payments: If you borrow less money, your monthly payments will be smaller and you’ll pay less interest over time.
- Better interest rate (sometimes): In some cases, putting more money down can help you get a lower rate and save even more.
- You own more of the home from the start: The more you put down upfront, the larger share of the home belongs to you. This can help if you decide to sell or if you need to use that value for an important expense.
- Avoid mortgage insurance: If you put down less than 20%, you usually have to pay extra mortgage insurance each month. If you reach 20%, you can avoid that additional cost.
Important: The larger your down payment, the less money you’ll owe the bank, your monthly payments will be lower, and you’ll pay less interest over time.
How much down payment do you need to buy a house?
The down payment for a house usually ranges from 3% to 20% of the purchase price.
Putting 20% down is ideal because it helps you avoid paying private mortgage insurance (PMI).
However, the exact amount you need depends on the type of mortgage loan. For example:
Mortage Loan | Down Payment |
| FHA | ~3.5% of the home price |
| Conventional | ~3% |
| VA | 0% |
| Loans for ITIN | Aprox. 10 %–20 % or more |
Example with a $400,000 home:
In Las Vegas, the down payment is calculated by taking the home price and multiplying it by the percentage required by the loan.
- With an FHA loan (3.5%) → $14,000
- With a conventional loan (3%) → $20,000
- With an ITIN loan (20%) → $80,000
Some programs like VA and USDA loans may allow you to buy a home with 0% down if you qualify.
There are also first-time homebuyer assistance programs that can help with the down payment or even with closing costs.
Keep this in mind:
With conventional loans, the size of your down payment directly affects how long you’ll have to pay PMI.
If you put down less than 20%, you’ll usually need to pay this insurance. On the other hand, the larger your down payment, the closer you get to having 20% equity in your home.
Once you reach that 20% equity, you can ask to have the PMI removed, which can help lower your monthly payment.
Important: With the right guidance, you can improve your credit and move closer to buying your home this year.
You can call us, text us, or schedule an appointment at 702-910-9011.
Nora Aguirre explains in more detail whether it’s better to put 20% down or the minimum down payment when buying a home
Frequently Asked Questions About Down Payments
How much down payment do you need to buy a house?
A home down payment is usually between 10% and 20% of the price.
Putting 20% down is a good option because you won’t have to pay mortgage insurance (PMI). But it’s not always required. Today, there are loans that let you start with 3% to 5% down, or even less, depending on the program and if you qualify.
Is there a minimum down payment required?
Yes, in Las Vegas you need a down payment to buy a house, but it doesn’t always have to be 20%.
Here are the most common options:
FHA: from 3.5% (or 10% if your credit is lower)
Conventional: usually between 3% and 5%
VA or USDA: can allow 0% down if you qualify
It all depends on the type of loan you choose and whether you meet the requirements.
How much do I need as a down payment for a $300,000 home?
If the house costs $300,000, the amount you need for a down payment can change depending on the type of loan you use.
For example, you might need $9,000 if you put 3% down, or $10,500 if the loan requires 3.5%. You don’t always have to put 20% down. While putting $60,000 (20%) helps you avoid mortgage insurance (PMI), many people buy with 3% to 5% down, which would be between $9,000 and $15,000.
Can you buy a house without a down payment?
Yes, it’s possible to buy a house without a down payment, but it’s not very common and you need to meet certain requirements.
Usually, you need to qualify for special programs or have good credit. Some government loans, like VA or USDA loans, can allow 0% down if you qualify.
Why is putting 20% down the best option?
To finish, in Las Vegas it’s not required to put 20% down to buy a home. There are options starting around 3% to 5%, and even programs with 0% down for those who qualify.
Although 20% is ideal because it lowers costs and removes PMI, it’s not a strict requirement.
What really matters is understanding that the size of your down payment affects your monthly payment, the total interest you’ll pay, whether you’ll need mortgage insurance, and how strong your loan approval will look to the lender.
