Chen, the 1st thing you must do is meet with a Loan Officer and get yourself pre-approved. This happens by allowing the Loan Officer to review your credit report, 2011 & 2012 tax returns, recent paystubs, recent bank statements and ID.
From here the Loan Officer can tell you exactly what you qualify for, how much downpayment you'll need (it can be 3.5%, 5%-20%, etc.) which depends on what loan program you qualify for and what's the best fit for you. Many buyers qualify for less than 20% downpayment, in fact most buyers have less than 20%.
If you're interested in meeting face-to-face and go over all your financing options, estimated payments, closing costs, loan programs available to you, etc., I'm available to meet in one of our Manhattan, Brooklyn, Queens or Long Island offices. Good luck.
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax