Hi Marcet, the down payment needed on a bank owned depends on a variety of things. If the property is considered "habitable" meaning its in good condition than you could get away with doing an FHA loan with a 3% or 3.5% down. The flip side is that recently most bank owned properties, if they're in good condition and well priced... have been receiving multiple offers. So when banks have to compare between offers in a muliple offer situation, the stronger the down payment the more security in the loan going through. With bank owned properties that need some TLC, you'd have to do a conventional loan with at least 5%-10% down. There's lots of circumstance that can make the down payment vary, so if you'd like to give me your specific scenario I would be happy to let you know what would work best for you. Best of luck!
Ascent Real Estate