Buyers need funds for a down payment AND closing costs, in most cases.  Your down payment depends on the loan type.  FHA can be as low as 3.5% while a hard money loan can be 30%.   This is why it is so important to get lending figured out before you start house hunting!  Your credit history and debt to income ratio (DTI) are a couple things that impact your loan terms and type.   Taking the time to find the best lender and terms that work for you is not something to rush thru at the last minute after finding your dream home.  Other buyer expenses are closing costs, funds for inspections and reports, and immediate property repairs that can be part of lender requirements.  Bottom line ….SAVE SAVE SAVE!   There are several programs that offer some down payment assistance many are limited, so it’s best to be prepared.  California offered a great program last year that only lasted a couple days before all the funds were claimed.  Prequalified buyers were able to switch into the program while those just starting the process never had a chance.  Our team of experienced agents can help you calculate a more specific number based on your unique situation, and we can also pair you with a professional mortgage broker to assist you in obtaining the right mortgage for your needs.