How much is the down payment on a conventional loan in Washington?

Conventional loans start as low as 3% down for first-time buyers through specific programs, and 5% down for most other buyers. If you put down less than 20%, you'll pay private mortgage insurance (PMI) until you reach 20% equity. At 20% down or more, no PMI. The larger the down payment, the better your rate — but putting 20% down isn't always the smartest move if assistance programs or investment strategies are on the table.