How Much Money Do You Need to Qualify for a Mortgage?

Do I need a large sum of money or other assets to qualify for a mortgage? Is my paycheck stub enough proof to show a lender that I can afford a home?

I'm looking to purchase a house for around $200K and have saved up some money for a down payment but I am wondering if I'll need to save even more to cover upfront mortgage application fees or prove to the lender that I have extra money and not just a paycheck. Thanks in advance to anyone who might be able to answer my question.

Generally speaking, the amount down will be based on your credit rating. In the days prior to the recession, some could even get a home with 0% down, but sadly, those days are gone. Plan on at least 10% down, and shoot for 15% down to be safe. In my stint at Countrywide Home Loans, I noticed those who had more down (regardless of credit score) were better off, and the more you can show in savings, the better. If you have a credit score of less than 620, prepare to have a strong cosigner.