The decision to purchase a home is one of the biggest decisions of one's life. And the payment is one of the biggest expenses of one's life. [It] can be very scary at first, buying your first house on a single woman's income. But there's something very empowering about it," says Kyle Youmans-Driskell, a speech-language pathologist who bought her first home in Cape Cod, Massachusetts, in 2014 at age 28. 'It's the perfect story to tell when you someday have children about how their mother got her own home when she was single.'

Despite the initial sticker shock, Youmans-Driskell grew into her home and into herself through the experience of owning her own home. From getting the right paperwork together, to getting his finances in order, to negotiating a down payment, Youmans-Driskell learned a lot in the process.

Even though most homebuyers expect that the down payment should be 20% of the home price, the reality is that many people put down much less. In a survey of single female homebuyers by Marie Claire and House Beautiful, 27 percent of respondents made a down payment of less than 5 percent. Thirty-three percent of the women surveyed put down between 5 and 10 percent, and another 19 percent put 10 to 20 percent down.

The trend of low down payments is something realtors have noticed for several years: according to the National Association of Realtors, (open in new tab) 61 percent of first-time homebuyers in 2018 put down between 0 and 6 percent. How much you should spend in cash depends on your credit score and loan type, but if you want to make a smaller down payment, you need to know the following.

The down payment is the money you give the bank to secure the mortgage and is also an indicator of how much you are investing in the property. It helps show lenders how serious you are. The more down payment you can provide, the lower interest rate the lender can offer. Also, a larger down payment usually means lower mortgage payments over a shorter period of time, and a smaller down payment means a longer mortgage repayment period.

The more down payment a buyer makes, the less money the lender loses in the event of foreclosure. As a result, if a buyer puts down less than 20% of the total home value, he or she is usually required to purchase private mortgage insurance (PMI). This protects the lender in the event of missed payments.

"There are many lenders that will give you a conventional 30-year fixed-rate loan with a 10 percent down payment," says Dolly Hertz of Engel & Volckers of New York. 'But there are greater demands on you, the borrower. The premiums for this insurance can add considerably to your monthly burden and may even make your mortgage payment more expensive."

When trying to negotiate a down payment reduction, there are several things to consider: first, are you buying a single-family home or a condo? If the latter, you may be tied to a 20% down payment as required by the Home Owners Association (HOA) or condo board. If you are purchasing a single-family home, you may have more flexibility.

If you want a smaller down payment, Hertz suggests researching FHA loans. These government-guaranteed loans only require a 3.5% down payment and usually verifiable income and good credit; for more information on FHA loans, click here. (opens in new tab) FHA loans have their own mortgage insurance and may be more expensive than PMI.

VA loans do not require a down payment. Also, there is no mortgage interest on VA loans, closing costs are capped, PMI is not required, and the loan is not subject to any down payment. Read more about the different loan options here (opens in new tab).

Your area may offer a down payment assistance program (open in new tab). This is a low- or no-interest loan or grant to help special groups such as firefighters, educators, or low-income individuals secure sufficient funds for a down payment, closing costs, or both. Many of them are intended for first-time homebuyers, and participants must take a homebuyer education course. In addition, only certain homes are eligible. How the programs work varies from state to state, so you can check here to see if you qualify for a program near you (opens in a new tab). Many people qualify for these programs, but few apply.

Whatever you put into it, owning a home is empowering, and putting yourself in the best financial position to do so is paramount.

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