NeighborWorks America surveyed people in 2017 and asked them what is the minimum required down payment to buy a home? On average, these people said 17%. In a second survey done by an Ellie Mae Borrower Insights Survey found that 29% of renters think at least a 700 Fico Score is required to qualify for a loan.
The correct answer to the first question is 3% for anyone who is not a veteran of the military. The correct answer to the 2nd question is 620 for conventional loans and 580 for FHA and VA loans.