I hope this helps.
Licensed Mortgage Loan Officer
After your Realtor negotiates and gets you and the seller to sign the contract, the loan underwriting process begins and a part of that is being able to show that you have the funds needed for closing. Typically you'll need 3.5% of the purchase price of the house for down payment plus money to fund your escrow account plus the first month's payment (about $3500 on a $100K purchase). There are also closing costs, but often the seller will cover them. If that isn't possible they are typically about 3% of the purchase price.
Obviously we're talking about a fair amount of money needed. There is also another way, as I offer a program with no down payment, no closing costs and no perfect credit needed. Check out http://www.NACA.com for details. Good luck in your search.
Mortgage Counselor-NMLS 280951