You can definitely buy a home with 5 to 10 percent down or even less as people have indicated below. But there are other parties in the transaction which may not welcome a low down payment.
Since you have asked this question it appears obvious that you have not sat down with a mortgage professional to find out your options. That is one of the first things you need to do when you start searching for a home.
If you want some help finding one and also help finding you a home please feel free to contact me.
Century21 Yve R.E.
Licensed R.E. Agent
NYS Certified Residential Appraiser
The amount of cash needed to purchase a home has 2 limitations:
1. Will the homeowner accept your offer with 90% - 95% financing (mortgage) and
2. Will you qualify for a mortgage by putting 5% - 10% down on the purchase.
If you can qualify for a mortgage (and you will be required to pay PMI - Private Mortgage Insurance - which is added to the monthly mortgage amount if you put down less than 20%) AND the homeowner is willing to accept your offer with a large amount of financing, there are no requirements to putting down more cash. Home purchases can be, and are, structured with many different amounts of financing.
If you would like additional information, or would like to be put in contact with a reputable mortgage broker, please contact me.
Good luck and regards,
Arlynn B. Palmer, ESQ, SRES, CBR, CMS, CNS
Associate Broker, REALTOR
Coldwell Banker Claire Sobel
The simple answer is yes you can put 5%-10% but this all depends on your financial situation. The FHA program allows homebuyers to put as low as 3.5% down but you need to meet with a mortgage professional to have them evaluate you specific situation and to find out if you qualify for this type of financing.