Minimum Cash Requirement

The main deterrent in buying a home today is not income or credit requirements but rather finding the necessary funds to cover the initial costs and down payment. Traditionally a 20 percent down payment is required and in many instances the related closing costs and escrow funds can run another 10 percent. In today's market of high prices for even modest homes, up front fees of 30 percent present more of a barrier than credit history or mortgage payment...