The amount of down payment that you need can vary and will be determined based on your qualifications when you meet with a banker to discuss your mortgage. Basically, before you purchase a property, you need to meet with a banker and get yourself pre-qualified so to speak. This entails you furnishing to the banker your last 2 years tax returns, proof of income and employment, last three months bank statements and they would also have to run your credit report. After you do that the bank will tell you how much of a down payment you can go with along with the interest rate you will receive and how much your closing costs will be.
After you do that you can prepare a budget and know how much it will cost you to own the property on a month by month basis. If you want contact me direct and I can help you through the process. Either way, good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783