If you have less than a 20 % down payment, you will likely have to pay for mortgage insurance on top of your mortgage payment. (lendedu.com)
If you do not put 20 % down on the home, you will be required to pay for mortgage insurance for many programs. (creditdonkey.com)
However, a down payment of 20 percent or more will allow you to avoid paying for mortgage insurance, which is like shaving half a percentage point or more off your mortgage rate. (mortgageloan.com)