There are several monetary first time home buying tips to consider as you prepare to apply for a home loan. Make sure you’re financially prepared to make a down payment on your new house, as requiring 0% down is truly a rarity. In general, you should be prepared to pay at least 5% of your home’s price toward the purchase. However, some loan programs allow for 3 to 3.5% instead, depending on the size of the loan and your credit history. In addition, if you are unable to put down 20% or more, you may be required to use mortgage insurance to take out a home loan. This is a very common procedure that can be included in your monthly mortgage payment to keep things simple for homeowners.