If you want to buy a home you may not need a down payment. Down payments usually vary from zero to 20% of the purchase price.
If you are a veteran or are buying a rural property, you may very well need no money down. This is a good thing for some people, as they certainly can affort the monthly house payment, but don't have the funds for a down payment.
There is FHA finanincing which allows for a small down payment, usually 3.5% of the purchase price. Most people fall into this catagory.
If you would like to reduce your monthly payment amount, you can put more money down or pay additional points to buy down the interest rate.
Most investors are required to put 20%-25% down in today's market.
There are many different loan programs out there, so the best thing to do is call a loan officerto see which one best fits your circumstance. Keep in mind some of the ads you see on the Internet are "teaser rates" and you need to be aware that those rates usually increase at some point. I personally like the the "fixed rate" loans, then there are no surprises.
So, the first step is to call a loan officer... I know two great ones in my area. David and Micah DuBeau work for Sterling Savings Bank in Medford, Oregon, they are the best. They can prequalify you over the phone. You will be surprised at what you might qualify for.
Then once you know how much you can spend on a home, give your realtor a call... I know a great one in Medford Oregon... me. I can then guide you through the process of buying a home... you will be glad you did.
We both serve Medford, Ashland, Grants Pass, Central Point, Jacksonville, Talen, Phoenix, Sams Valley, Eagle Point, White City, Shady Cove, Rogue River and the surrounding areas.
Look forward to talking with you !