Your down payment is an integral part of purchasing a home. Lenders require that you put some of your own money (equity) into the purchase. They use a formula called the Loan to Value Ratio (LTV) to help determine their risk level. For example, if you buy a $250,000 home and put down $25,000, then the LTV is 90%, and your equity portion is 10%, or a 10% down mortgage.
Here are a few examples to help you understand how this works for a low down payment mortgage. The numbers don't take into consideration other lending considerations such as debt to income ratio, credit score, etc.
If you Have a Down Payment Available of $10,000, then you can purchase a home, with these down payment values:
3% Down (97% LTV): $333,333
5% Down (95% LTV): $200,000
10% Down (90% LTV): $100,000
20% Down (80% LTV): $50,000
If you are considering purchasing a house, you might want to set a budget and start saving for a specific down payment. For example, if you're going to purchase a home for $350,000 and are looking for a low down payment of 5%, then you need to save $17,500.