The short answer is no, it's possible to buy a home with less than 10% down. In fact, the median down payment is 7%-13% for home purchase loans, according to the Urban Institute. Some loan programs only require an investment of 3%.
It's always a good idea to identify your motivation for selling, what you would like to net, and a timeline.
If you are interested in buying a new construction, the builder's agent will be ready to help you with the process. But make no mistake: You need your own real estate agent from the get-go. A realtor representing your interests will help make sure you're aware of any buyer's incentives, what's included in the base price, and what's extra.
Getting with a reputable lender and getting pre-approved. That's where you give the lender some basic paperwork — pay stubs, W2s, bank statements, and permission to pull your credit. The lender hands you a letter stating your maximum purchase price.
Both the agent representing the seller and the agent representing you, the buyer, will be paid out of the seller's proceeds at closing. Although you pay the seller for the house, you don't need to add anything in for the agents' pay.