There is a varity of home loan programs that allow you to put down less then 10%. It is not so much dependent on the home, but the purchase price you are looking and your credit and income. While I cannot do a loan in your area, I can answer your questions about home financing. thowell@mortgagerewardsteam.com

There is no law that sets the down payment. That is set by the lending institution you get your loan from. A good lender wil help you evaluate your financial situation, tell you how much you qualify for and any programs for which you may qualify. A down payment of 20% is usually for conventional loans. There are programs available through FHA, VA, USDA that require less down payment.

When you begin the qualifying process talk to several mortgage lenders to see which one is most helpful, has the best interest rates and is willing to work with you to get you through all the hurdles of financing.

A good real estate agent will also be able to offer guidance.
If I can be of any assistance please feel free to contact me at 229-292-2021

Lady,

There are a wide range of programs available for today's buyers, some of which require less than 10 % deposit. We recommend that you contact several loan specialists to find out about programs for which you can qualify.

Good luck

Ladyjay,

Contact your lender to find out what their prerequisites are and what your options are in regard to obtaining a loan to purchase a home.Patrick is right on the money in regard to 20% downpayment to avoid private mortgage insurance(PMI). If you haven't already gotten with a lender the time is now before you start looking for a home as this will tell you home much home you can afford based on your income...also this will give you insight to how much you want to spend on a home so you can still enjoy the lifestyle you are accustomed to and not become house poor.

Additonally being preapproved for a loan will be an asset to you as you go through the process of finding your new home and negotiating contract terms as the seller will know from the outset that you are able to buy the home and get to the closing table.

Usually 20% down is required in order to avoid paying a monthly PMI fee. You can put down less than that and in the case of FHA as little as 3.5%. The house itself has nothing to do with the down payment amount. It's the lender that may require an amount to approve a loan.

Hi, it is about mortgage guidelines.
Guidelines for example, credit score and property condition wil determine Loan To Value (Down payment).