You have to have some money set aside for closing costs, your down payment, and things like inspections, credit report fees, and everything else you're going to have to pay for. If you are able to afford a substantial down payment, you'll save yourself thousands down the road.

When lending is tight, making sure your credit score is good is essential to securing a favorable loan. Request a copy of your credit report from all three credit reporting agencies, and check to make sure it is accurate. Most banks typically won't lend to those with scores that are under 620. http://realitysandwich.com/u/happybuyh/