Different loans require different down payments. A VA loan would require no money down, the only true zero down mortgage out there. Next would be a FHA loan, this is a government guarantee and typically has more fees attached, but allows you to get in with 3.5% down based on the loan amount. Both of these allow the sellers to assist the buyer with 3%-6% closing cost paid for the buyer. So, don't forget besides the down payment, you will have closing cost before and at closing.
Conventional mortgages typically ask for 5% down payment. And of course additional fees to get this loan. In addition to lender fees, their are inspections, setting up escrow accounts to pay taxes and insurance, a insurance premium and processing fees for the title company and others.
As always, it is best to get with a lender that will take the time to explain all the fees and make sure you understand the process. Visit my web site as I have a good list of lenders locally that can help you. If we can be of more help, let us know.
Bernstein Realty, Inc.