What is the minimum down payment required for a conventional loan without private mortgage insurance (PMI)?

Conventional loans backed by Fannie Mae and Freddie Mac require at least 20% down to avoid PMI. You can get a conventional loan with as little as 3% down (for eligible first-time buyers) or 5% down, but PMI will be added to the monthly payment until you reach 20% equity. FHA loans require just 3.5% down with a credit score of 580 or higher, and VA loans backed by the Department of Veterans Affairs require no down payment at all for qualifying veterans and active duty service members.