• While there are no hard and fast rules, you can expect to pay between 5 and 10% down upfront.  According to a report by the National Association of Realtors, the median down payment for first-time home buyers in 2019 was 6%.  And if you’re in a competitive market, you might want to consider more.

• Knowing how much you’ll need is key.  Consider meeting with a mortgage officer before you start looking at property. A good mortgage broker can determine what all the costs are going to be and help you weigh your options, including how large a down payment to aim for and which loan program is your best option.

• Even with no down payment, homebuyers need some cash to cover closing costs and upfront costs, including a year’s worth of taxes and mortgage insurance. Some loan programs allow buyers to use a contribution from the seller or gifts for down payments—some do not.

• Now’s the time to contact an established realtor, who can conduct a needs analysis with you and put you in contact with local lenders with competitive rates.

• Your goal should be to save more than the down payment amount in order to anticipate any upfront costs and allow for leverage at the table.