If you get seller concessions for the closing costs you need out of pocket at least 3.5 percent of the purchase price of your own money to put as down payment. You don't want to be dirt poor after settlement is completed so you need to have saved some liquid assets in addition. - If you are a first time buyer and buy in time (no later than Nov 30, 2009) to collect the federal first time tax credit of $8000 that may serve as your liquid assets - after settlement. (Some may suggest you can borrow against that - don't do it unless there is no other way.) So, the absolute minimum is 3.5 percent of your highest anticipated purchase price. I recommend you have a minimum of 5% of the highest potential purchase price. In this case - $9000.

Let me know if you would like the representation of a true exclusive buyer's broker.

Good luck,

Paul Howard - exclusive buyer broker. Member: NAEBA http://www.naeba.org http://www.NJHomeBuyer.com Realty
856-488-8444
http://www.companies.to/njhomebuyer (facebook)