My guideline for a home purchase with a minimal down payment (3.5% FHA) is 6% to 8% in cash, which should cover closing costs and prepaids as well. For VA and USDA loans, I use 3% to 5%.
VA, FHA, Conventional, City program, County program, State program and othersâ€¦all could have different down payment requirements.
The buyer â€“ whether first time or repeat buyer â€“ must investigate with a qualified lender as to what program is the best for their circumstances.
Check different lenders as they might have different requirements when it comes to credit score.