But most of those surveyed said they’ll need a mortgage to finance their home purchase. Among that group, most did not have the 20 percent down payment that would allow them to qualify them for a conventional loan backed by Fannie Mae or Freddie Mac without having to also purchase mortgage insurance. More than 1 in 10 of those surveyed (13 percent) said they were planning to put just 3.5 percent down (the minimum down payment on FHA-guaranteed loans). Only 22 percent said they’d be able to make a down payment of more than 20 percent, which would allow them to avoid purchasing mortgage insurance.