However, if you have a down payment for at least 20% of the purchase price, you’ll be able to avoid private mortgage insurance (PMI) on a conventional loan.
If you qualify as a first-time home buyer, you can benefit from several assistance programs that bring the range from 0% for VA loans to 3.5% for FHA loans. These programs provide down payment assistance loans and grants. However, if you have a down payment for at least 20% of the purchase price, you’ll be able to avoid private mortgage insurance (PMI) on a conventional loan.