Maggie is right, 5% down will enable you to do a conventional conforming loan, and FHA. I'd be happy to give you a referral to a direct lender I work with, I've closed many successful deal with him this year, just visit the link below for my contact info. If you can prove your income, and are open to the lender running your credit, you should be able to get an approval within one hour. It's very easy, free, and will put a lot of your conerns to rest.
Take care! - Robert
Some very good information on these posts. It is a buyer's market, it's great to be a buyer, even with the shifting credit /lending situation.
If you would like a market report I prepare one each month, it might be helpful in your home search.
Let me know how I can help
The first step in buying a home is really to talk with a lender before a real estate agent. Even if you contact a Realtor first, if they are any good, they will ask you to get pre-qualified first - that's what I do. Also, most of the listings in the market right now would require a pre-qualification letter to be submitted together with the offer.
I work closely with a lender, call or e-mail me and I can connect you with her.
Bottom line is money is available and requirements have changed for everybody's benefit. Good luck with your purchase because there are some GREAT buys out there.
As a real estate agent, I can only recommend to you that you speak with several lenders and begin the application for a loan. They will ultimately tell you what you can qualify for. Currently there are opportunities for buyers to obtain financing. Prices for purchasing homes may be "soft" but the requirements for obtaining a loan have never been harder. You need to take the relevant steps of meeting with a lender who will help you get qualified and tell you what you are qualified for.
Good luck on your journey,
The Sanborn Team