Since you are a first time home buyer, I would assume you are going to use an FHA loan. The down payment on FHA is 3.5% of the purchase price. With FHA though, the down payment can be gifted to you so it doesn't necessarily have to come out of your pocket.
I would recommend that you talk to a local lender about your particular situation and circumstances. I would be happy to give you the name of a couple that I have worked with if you are interested in a no obligation conversation.
It's more than real estate. It's RAYL-Estate!
Brian Rayl, REALTORÂ®
Keller Williams Elite
A good lender will know how to assist and give you your options for what loan & assistance programs there are for First Time Homebuyers. Additionally, there are numerous strategies that you can implement with your purchase offer based on the type of financing you chose in order to make your 'out of pocket' expense minimial when buying your first home.
Regardless of if you talk to me or not, make sure you talk to a lender that knows all the in's & out's of working with First Time Homebuyers.
Best of luck to you.
Maker Capital Group LLC, an Ameripro Funding Co.
Lenders do not offer help with down payments. You will need a minimum of 3.5% down for FHA or 0% if you are a Vet or you buy in an area that is USDA approved.
If you are buying from an individual you can negotiate help with closing costs but not the down payment.