Please also keep in mind that regardless of the type of property you're purchasing, many times the property condition (if it's a fixer upper you'll need to put more down payment due to the higher risk the lender/investor incurs), seller or, most commonly, your lender will dictate the amount of down you need for the type of loan program you select. If you are a "professional" (i.e. firefighter, police, teacher), there are wonderful loan programs available to assist you. Ask for options from lenders. Sometimes your Realtor can also assist you with good referrals.

In today's market where we have a tightening of available credit, lenders are requiring some amount of down payment. Most banks will offer better interest rates with good fico scores and 20%+ down payment. You can come in with as low as 3.5% with a FHA (Federal Housing Administration) loan. Here's a direct link to their website http://portal.hud.gov that will offer you plenty of information in order for you to make a solid decision on whether to use their financing options. Keep in mind that different lenders offer different loan programs but FHA financing is offered by many lenders. Choose your lender by qualifying them and not just having them qualify you. If you're still unsure on how much you need to include for your down payment, I suggest you speak with a reputable lender to determine your comfortable monthly payment for mortgage + property taxes + any monthly hoa fees or insurance. Good luck.

The best way to finance is with FHA. The minimum would be 3.5% for you as a down payment. To get FHA info I tell my clients to visit FHAloanagent.com

3% (FHA) to 10%-20% (conventional financing). Now that you have this info, find a good REALTOR member of the MLS to represent you, and help you find a home.

BTW--Foreclosures and other "distressed" properties are not necessarily the best bargain, and buying one is fraught with difficulties, disappointment and peril. Ask your agent to explain all this.

Usually in a foreclosure you put 10 percent down and close in 30 days, I wouldn't put down any more than that.

I am not sure what you are referring to with the question. Do you mean a home that the bank has already foreclosed on? A short sale? A foreclosure at the court house sale?
I am sorry. I may have misunderstood the question.

carlos@oneventure.com