You might have heard before that you must pay 20 percent down on a house. While this can be beneficial for lowering your monthly mortgage payments, it may not be a realistic option for all homebuyers. In many cases, first-time homebuyers pay approximately 7 percent down, and there are loan program options, such as FHA loans or VA loans, that require as little as 3 percent down, or even 0 percent down (VA loans and USDA loans). A good rule of thumb is to make the highest down payment you reasonably can because it can make payments more manageable in the future. However, if you aren't able to pay 20 percent down, there is no need to panic, there are other options available.