For a first-time home buyer, saving enough money for a 20% down payment can be tough. But, writes Teresa Mears for U.S. News and World Report, first-time buyers don’t necessarily need 20% upfront, as they can purchase a home for a little as 3% down – and even no money down in some cases.

Those who qualify for a mortgage can qualify for one with a lower down payment. However, good credit is required and the less one pays upfront the higher their monthly mortgage payment will be.

"The narrative that in order to buy a house in America today you need 20% down is just not true," says Marietta Rodriguez, vice president of national homeownership programs and lending for NeighborWorks America, a national nonprofit focused on community development and homeownership. "There are a lot of different products that offer low down payment options."

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