To get help with down payments, there are down payment assistance programs. These programs help first-time buyers cover the cost of the down payment. Besides that, the FHA programs allow you to pay only a 3% to 3.5% down payment. Fannie Mae and Freddie Mac are government-backed organizations that require only 3% down, but they have strict qualification criteria. Sometimes individual lenders may offer their own down payment assistance on conventional loans. Thus, it is always a good idea to shop for mortgages to get the best deal.