Short answer: Bend’s median home price is roughly $710,000–$750,000 (mid-2026). On a $725,000 home, a conventional 20% down payment works out to about $145,000. But 20% is not required — most buyers put down far less. FHA loans allow as little as 3.5% down (~$25,000 on a $725K home), conventional loans can go as low as 3–5% down for qualified first-time buyers, and VA loans offer $0 down for eligible veterans. The right number depends on your loan type, credit profile, and whether you want to avoid mortgage insurance.
Down payment by loan type
| Loan Type | Typical Minimum Down | On a $725,000 Bend Home | Notes |
|---|---|---|---|
| Conventional (first-time buyer) | 3% | ~$21,750 | Requires PMI until 20% equity |
| Conventional (standard) | 5–20% | $36,250–$145,000 | PMI drops off at 20% equity |
| FHA | 3.5% | ~$25,375 | Mortgage insurance (MIP) for the life of the loan in most cases |
| VA (eligible veterans) | 0% | $0 | No PMI; funding fee applies |
| USDA (rural areas only) | 0% | $0 | Limited eligibility inside Bend city limits |
| Jumbo (above the county conforming limit) | 10–20% | Varies | Larger down payments and reserves often required |
Many Bend homes sit near or above the conforming loan limit for Deschutes County, so some buyers will need a jumbo loan, which typically carries stricter down payment and reserve requirements. Ask your lender for the current limit — it changes every year.
What actually determines your number
- Your loan program. FHA, conventional, VA, and jumbo loans all have different minimums — this is the single biggest factor.
- Whether you want to avoid PMI. Private mortgage insurance adds a monthly cost until you reach 20% equity. Some buyers put down less and accept PMI to preserve cash; others prioritize hitting 20% to skip it.
- How competitive the listing is. In Bend’s tighter neighborhoods — Northwest Crossing, Awbrey Butte, the Old Mill area — a stronger down payment can make an offer more attractive to a seller, even if the loan doesn’t require it.
- Your monthly payment comfort level. More down means a smaller loan and lower monthly payment, which matters given Bend’s property taxes and insurance costs.
A realistic example
On a $725,000 Bend home with a 30-year fixed-rate mortgage:
- 5% down ($36,250): Loan amount ~$688,750, plus PMI until equity builds
- 10% down ($72,500): Loan amount ~$652,500, lower PMI
- 20% down ($145,000): Loan amount ~$580,000, no PMI
Running these numbers with a lender before house-hunting is the single most useful thing a Bend buyer can do — it turns “how much house can I afford” from a guess into a plan.
Down payment assistance in Oregon
Oregon offers programs that can help, including the Oregon Bond Residential Loan Program and Oregon Housing and Community Services down payment assistance for qualifying first-time buyers. Eligibility depends on income limits, which vary by household size and county, so check current limits for Deschutes County before assuming you qualify.
Local context
Because Bend’s median price runs well above the national average, the dollar amount of even a “small” down payment is larger here than in most U.S. markets. A 3.5% FHA down payment in Bend (~$25,000) is close to a 10% down payment in many lower-cost cities. Buyers relocating from more affordable markets are often surprised by this — budget for closing costs (typically 2–5% of the purchase price) on top of the down payment itself. For the bigger picture, see the cost of living breakdown.
FAQ
Can I buy a home in Bend with no down payment? Only if you qualify for a VA loan (active-duty military, veterans, and some surviving spouses) or a USDA loan for eligible rural properties just outside city limits. Most buyers inside Bend proper will need some down payment.
Is it better to put more money down in a competitive market? A larger down payment doesn’t guarantee a stronger offer on its own — sellers care most about financing certainty and closing timeline. But a healthy down payment paired with a strong pre-approval letter does strengthen your position, especially against other financed buyers.
How much should I save beyond the down payment? Budget for closing costs (2–5% of price), moving expenses, an emergency reserve, and immediate home needs. On a $725,000 home, that could mean an additional $15,000–$35,000 beyond your down payment.
Do down payment requirements differ for new construction in Bend? Builders sometimes offer their own financing incentives, including reduced down payment programs or rate buydowns, particularly in NE and SE Bend developments. Compare builder financing against outside lenders before committing — see new construction vs. resale.
First time buying in Bend? Let’s map out your numbers.
Written by Lindsay Lyon, a Bend, Oregon real estate broker. Loan figures are illustrative estimates; confirm current rates, limits, and program eligibility with a licensed Oregon mortgage lender.
