Most individuals pay for a home with a down payment of 5 percent or less and then obtain a mortgage to finance the rest.

Name: Most individuals pay for a home with a down payment of 5 percent or less and then obtain a mortgage to finance the rest.
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While some individuals may make a down payment of 5 percent or less, it is not the norm. Generally, a higher down payment is recommended to avoid paying private mortgage insurance (PMI) and to lower monthly mortgage payments.

Most Individuals Pay for a Home with a Down Payment