It all depends on your credit score, income, assets, and debt. I am dealing with many buyers who are buying with less than 20% down payments on properties.
Federal Housing Authority (FHA) loans can be obtained with as little as 3.5% down payment.
I recommend speaking with a lender to obtain a mortgage pre-qualification. You may want to start with the bank you bank with. This is the 1st step in the home buying process. The lender will be able to tell you exactly how much the bank will lend to you and how much down payment you are required to put down on the property. Once you know the exact amount the bank will lend, you then can go out and look at properties in that exact price range.
If you need lender recommendations, please let me know. I have several whom I can refer to you.
Please let me know if you have any additional questions. I'll be happy to assist.
Walter J. Burns
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230