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While technically possibly, it's harder in practice. And while talked about less, there are many other upfront costs than just the down payment; there are so ma

While technically possibly, it's harder in practice. And while talked about less, there are many other upfront costs than just the down payment; there are so many fees to actually close on a home. And in warm markets (for get about hot markets like NY and SF), even an offer with 20% down is not pleasing to the seller. 20% or less down means that if the bank under appriases for whatever reason would cause a massive delay and/or cause the deal to fail. For the buyer, many costs at this point or unrecoverable. Inspecting, lawyers, etc. This is a huge hit to a low income person.

notfromhere 5y ago
It's not technically possible, it's pretty readily available. A real estate lawyer for a simple transaction is like 500 dollars, same with a basic inspection. You don't need the lawyer unless your offer is accepted. In a warm/hot market, anyone with a mortgage is going to lose to someone with cash, so not really an issue. Anecdotally from friends buying their first homes, very few to zero of them put down anywhere near 20%.