I take it that you are a first time home buyer?
There are no answers that you could receive in this forum that could possibly answer all your questions properly, without knowing you circumstances and your market. I can tell you that you need a good Realtor. He/she can advise you on all pertinent questions you might have, and can get you in touch with a mortgage broker/banker.
Generally speaking, unless you are an investor, 20% down is not a requirement these days, there are many mortgage programs for Buyers with lower down payment $$ required.
Feel free to contact me at 440-376-5475...even though I am in Ohio, I am able to put you in direct contact with an associate in your area. Happy house hunting!!
This all depends on whether you are buying to live in or buying as an investment. An owner occupied purchase does not require 20% down. You could finance with as little as 3 1/2% using FHA. If you are a veteran and have a DD-214, then you could finance with no money down at all. There are also conventional loans available with as little as 5% down.
If you need help finding a good Lender, email me and I can give you a couple of good Realtors in your area that can assist you with finding the right lending program to meet your needs. They will also be able to assist you with buying this or any other property that might interest you.
I hope this helps.