When purchasing a home, understanding your down payment options is crucial to securing the right loan. For a $350,000 home, various loan programs exist, each with unique requirements. The FHA loan, requiring a 3.5% down payment, totals approximately $12,250, making it an accessible choice for first-time homebuyers. On the other hand, Conventional loans, with a 3% down payment option, amount to around $10,500, which can also be viable for those with decent credit. Alternatively, the New Conventional loan (1% down, UWM) offers a creative solution for buyers wishing to minimize their upfront costs significantly. Additionally, the USDA loan stands out by offering a no down payment option, making it particularly suitable for properties in designated rural areas. Choosing the right loan program involves an assessment of your financial situation, credit score, and long-term goals. It's essential to calculate not just the immediate down payment but also consider the total cost of the loan, including interest rates and mortgage insurance. Consulting with a mortgage advisor can provide guidance tailored to your unique circumstances, helping you make a wise investment decision in your home purchase journey.