We met with another potential client last night to see how much equity they will walk away with when they sell their house. They are looking to move to a larger home 
to fit their growing family and thought that they would need at least 10% or 20% for their downpayment for their new home. They were pleasantly surprised that they can purchase a home with an FHA loan for a downpayment of only 3.5%!
Nowadays with rent costs so high, it's hard to save a lot for your downpayment. When you how you can buy and pay less for your mortgage than for rent, it makes sense to see how low of a downpayment would be required to make you a homeowner so you can pay for your own home, not someone elses!
There are other programs that require less and some (USDA, VA, some conventional) require NO DOWNPAYMENT. There are also many downpayment assistance programs that are available depending upon your situation - medical field, teacher, etc. Some loans are bank-specific portfolio loans. Also if you are buying in certain areas (Baltimore City for one), there may be area specific programs available to you. These are not all for first-time buyers either!
Give us a call for a consultation to see what your downpayment requirement might be!
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