The down payment you will need all depends on your credit rating and financing programs you may qualify for. If you have a FICO credit score of atleast 620+, you may be able to qualify for an FHA insured mortgage which only requires a 3.5% down payment. Other conventional mortgage programs may require a 5-20% down payment. There are also other closing costs to take into consideration when buying a home.
Your first step should be getting yourself pre-qualified and approved for a mortgage. If you don't know anyone, I recommend you call Ed Dubinsky from United Capital Lenders at 215-808-5353. Once you learn what programs are available to you , we will know how to proceed with your house search from there. Please feel free to contact me at your convenience if you have any other questions, or would like to speak with me about the mortgage approval process before we start your property search. I look forward to speaking with you soon.
All the best,
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