Buying a new Construction first home

[Chanduwar]

I have been renting for long and paying too much rent. Now I wish to buy a new home.

My income: 120K

Savings 24K

App home cost 640K

My scores: EQ: 753

                    TU: 734

                    EX: 744

using my savings can I get a conventional loan at 5% down?

What will the Loan Officers be looking for?

[Anonymous]

5% of $640 is $32k isn't it?Not too mention closing costs which is probably going to be another 3-5%.Im not sure is $640k would require a jumbo loan but I'm pretty sure it does then your probably looking at a minimum of 10% down.

[Chanduwar]

The home I am buying is new construction. The home would built and delivered by April 2017. The builder is paying 7K as closing costs.