How much do I need to put down to buy a home in Texas?

The amount required for a down payment (sum of money paid prior to regularly scheduled payments) varies depending your type of loan. You typically need to pay 5-20% of the sale price in cash to qualify for a conventional loan.  Many people think 20% is the minimum required; however, that is just not the case.  

Is the asking price set in stone?

We hear this one quite a bit...  No, the price is not set in stone.  Several factors like your credit, amount of down payment and financial history go a long way in a seller's mind.  The seller is the one that makes the decision on whom they will ultimately sell to and the amount of money offered to them is not always the last indicator of whom the house goes to.  If they see a 'strong buyer' on paper (financially responsible) vs a higher offer but with a 'less strong buyer' on paper, they may consider choosing a lower offer to 'ensure' the home sale closes.