How much do I need for a down payment?

Less than you've been told. The 20% down myth scares a lot of buyers out of the market — the truth is most first-time buyers in Washington put down 3-7%. Conventional loans go as low as 3% down, FHA loans as low as 3.5%, and VA and USDA loans require zero down if you qualify. On a $500,000 home that's $15,000-$17,500 instead of $100,000. The trade-off for less than 20% down is private mortgage insurance (PMI on conventional, MIP on FHA), which adds roughly $100-$300 a month depending on the loan size and credit score — but PMI on conventional drops off automatically once you hit 20% equity. Washington also has down payment assistance programs (Home Advantage, House Key Opportunity, and several city/county programs) that can cover most or all of your down payment as a second loan or grant. We'll figure out which combination saves you the most money over the life of the loan.