In a conventional mortgage, you’ll be required to put down at least 20 percent when buying a home. However, many people are unable to produce the full 20 percent, particularly in Houston where the average home price is $300,000, well above the national average.
Thankfully, there are programs and opportunities for taking out a mortgage with a down payment of less than 20 percent. You can apply for an FHA, VA, USDA, Fannie Mae, or Freddie Mac loan. There’s also the 97 conventional loan, which requires a down payment of just three percent.