Both Sacralender and Sally are correct. You would need to speak with a lender to find out which programs you might qualify for and how much you qualify for. Obviously, the less you put down the higher your payment would be.If you need recommendations for a local lender, I am happy to provide that for you.
I've had buyers who needed to put 50% down in order to qualify for a loan. It all depends...
It depends on a type of a loan, but usually the larger down payment~ the stronger your position against other offers.
For example: if the seller has two similar purchase price offers: FHA with 3.5% down and a conventional buyer with 20% down~ guess who would have the stronger offer.
Also the success of your offer depends on other!! terms. For example: 5% FHA loan and 5% conventional loan~ in this case all will depend on terms of the submitted offer( do you ask for closing costs assistance? repairs? special contingencies? etc.) and the fact if the property is FHA approved( most of condo communities these days are not FHA approved).
Let me know if you have any question, I'd be happy to help.
Michael's contact number is 818-288-6851
Itâ€™s almost as prevalent as the notion that homebuyers 50-60 years ago all put down 20%. I was giving a talk a few months ago when someone said that and I quickly assessed that my parents, my wifeâ€™s parents, and their siblings almost all bought their 1st homes using either VA or FHA financing. (All of them are or would be in their 80s now.)
I have a great lender I can refer you to. Please contact me directly for her contact info.