Kathy, this isn't true. Obviously, the more you have available for down-payment the better it is for you because you'll have more options to keep your monthly payment the most affordable possible. There is no one dollar amount it MUST be. Maria is correct in that almost always your minimum required down-payment is between 3-5%. This can vary depending on what loan program you're going with. Consider meeting with a Loan Officer and they can let you know what you'll need for down-payment and where this money can come from. Good luck!
IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! â€¢ Javier Meneses Senior â€¢ Loan Officer â€¢ NMLS #23130 â€¢ STERLING NATIONAL BANK â€¢ 310 Crossways Park Drive â€¢ Woodbury, NY 11797 â€¢ firstname.lastname@example.org â€¢ (516) 606-9648 Cell â€¢ (516) 740-4478 Office â€¢ (516) 918-5383 Fax