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Advice if you're buying a home in Silicon Valley: good luck and pray for low mortgage rates.

But, in general, putting down 20% or more of the house's purchase price as a down payment will give the lender a good impression. They will start you off with their lower mortgage rates and eliminate many unnecessary fees. But if you're disciplined financially, your lender will find a way to allow you to make a smaller down payment, either through a "piggy-back" loan or PMI, which can give you more financial flexibility.

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Read more from this blogger: How Much House Can I Afford? (Part 1 of 2)