You no longer have to have 20% for a downpayment. In fact, many mortgages now require only 3%, 3.5% or 5%, and some mortgages (VA, USDA) don't require any down payment for the mortgage company. For those mortgages, you would still need an earnest deposit to be provided when you sign the contract, so the seller knows you have "skin in the game" but you don't need a downpayment for the mortgage company.
It is rare that I have a buyer in Orange County now that has 20% saved for a downpayment.
Also, please keep in mind that closing costs could be relatively significant as well, so when saving, you'd need the actual down payment and closing costs.
I hope that helped.
Kat Palmiotti, Licensed Associate Broker, 914-419-0270, firstname.lastname@example.org.