The quick answer is no, but there's more to consider. First of all, there are many types of loans. An FHA loan allows you to borrow with as little as 3.5% downpayment, but there are limits on the amount that you can borrow, and other conditions. You can go to fha dot com for more information. If you are a veteran, you can also get a VA loan with no money down at all. Check out veteransunited dot com. In any case, one of the advantages of working with a realtor, is to have someone that can guide you and refer you to professional lenders that will be able to help you with your situation.
When buying a house, especially for the first time, there are a lot questions that need answers. Consumers searching homes for sale in California can reach out to the Homes.com community of real estate agents and professionals for answers. By offering answers, California real estate agents can demonstrate value and build credibility. Registered users can even set alerts for local coverage areas in order to be contacted when questions are posted in areas of choice. Other tools of particular interest to consumers buying a house include the Homes.com California home values tool and the mortgage calculator.