re: First time home buyer question

If your credit is strong, you can do a conventional mortgage with 5% or even 3% down.

In a perfect world, it is best to have 20% as others have said, but that can be difficult even for high earners, especially if you are in a high cost of living area.

Additionally, there are likely some local or regional first time homebuyer programs that could help. The best thing you can do is get in contact with a few reputable mortgage brokers in your area. Get prequalified and pick their brain about various loan options.

Edit: just saw that you are buying a house for $75k. Don’t be a dumbass baw, save some money first.