The amount of cash needed to purchase a home has 2 limitations:
1. Will the homeowner accept your offer with 90% - 95% financing (mortgage) and
2. Will you qualify for a mortgage by putting 5% - 10% down on the purchase.
If you can qualify for a mortgage (and you will be required to pay PMI - Private Mortgage Insurance - which is added to the monthly mortgage amount if you put down less than 20%) AND the homeowner is willing to accept your offer with a large amount of financing, there are no requirements to putting down more cash. Home purchases can be, and are, structured with many different amounts of financing.
If you would like additional information, or would like to be put in contact with a reputable mortgage broker, please contact me.
Good luck and regards,
Arlynn B. Palmer, ESQ, SRES, CBR, CMS, CNS
Associate Broker, REALTOR
Coldwell Banker Claire Sobel