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In this tough economy, I recommend only putting down the minimum required and keeping the rest of your money in the bank for emergency. If you feel the monthly payment is too high, then you will need a larger down payment. Speak to a lender who offers multiple types of loans. The minimum down requiremens are:
VA & USDA - 0%
Fannie Mae Homepath - 3%
FHA - 3.5% or $100 if HUD REO (property must be eligible for $100 program)
Conventional - 10%
FHA is 3.5% down and is next to last in the multiple offer scenario.
Normal loans that are usually between 10% and 20% down are better and all cash is best.