#1 get ur credit in check. (annualcreditreport.com) get it free only once a yr, see what u need to payoff first. wait a month AT LEAST, i would call those u paid off n make sure they reported it to ur credit...THEN go c ur lender. dont do it backwards n take a useless hit on ur credit (just for them to tell u its only so-so n u should do what i jus said) and u cheat urself out of a better intrest rate! also i learned that ANY lawsiuts or ' judgements" against u WILL KEEP U FROM GETTING A HOME LOAN. so keep that in mind.

#2 it all depends on how much your going to borrow. your down payment is a percentage...of what is up to u. if ur only buying a $50k home ur not gonna put as much as a$100k home. (HUD HOMES require 2.5-3% down)

#3 if ur bank statements,w-2's and ur income is great...ur approved....if its for more than u need.... u can put pretty much w/e u want. the big downpayments are really just for your benifit, lowering ur financed amount, lowering ur downpayments.

remember: keep money for repairs u need to move in, repairs u may not expect right after u move in (plumbing breaks, ac goes out or w/e) and repairs u may have to do in the first yr or so (roof, etc.)
?$500 (some hud homes)- $5,000 to the title company
?r u paying ur insurace every month, or do u need to save a lump sum? have it ready.
?do you need to buy intrest points? put money aside for that, call the lender n ask how much they r
?is there any possibility u could get laid off or loose ur job? have at least a few months saved just in case something goes wrong
IF U STILL HAVE DOWN money after that ($1000)....i say go for it fearlessly!!

oh, n if ur not a do-it-yourselfer, n it needs ANY repair, ask about a 203k loan where they loan u any money u need to do the repairs or investment fixing and its just added into the mortgage amout and its all one payment (one higher payment) u and the home must qualify

Ryan,
I can help get you headed in the right direction. We'd need to contact a few lenders to see what they may have to offer you. If you're credit isn't where it needs to be, the lender will tell us that and I can help you get your credit score where it needs to be. Also, we can start looking at homes in your price range. This way you'll know what's out there. Give me a call. I'm available to help you.
Mari
361-695-8999

It is never too early to engage a lender.
There are so many factors in getting a loan besides cash to close, that you would be wise to prepare for a loan while you save.

My advice would be to have a short meeting with a mortgage advisor, and then a Realtor to have a plan in mind. This will determine what you can purchase and how much money you will need for your price range.
If you quality for an FHA loan you need as little as 3%, and sometimes the seller is willing to pay the closing costs. The best of luck to you!

Jean Mabry, ABR,CRB,CRS,ePro,SRS
Associate Broker
Realty Executives Southern Arizona

Ryan, I would suggest that you meet with a mortgage lender and discuss your particular situation, as to what mortgage options are availaable to you. Only then can you make an educated decision as to whether you save more, or you can buy. Hopefully you will be able to take advantage of the current tax credit that is available to first time buyers. Good luck with your search!!