Is 20% really enough?

[Anthony T.]

So I contacted the broker I used to purchase my first and primary home. I thought that I may have had enough money saved up to starting looking at properties in the 65k range but this is the response I got.

"Hi Anthony,

We are borderline on available funds for the deal.

With 20% down and a 2% seller concession the total to close came to about $18052.

Six months payments in reserve funds are required ($3,071).

The total we need to document is $21,122.87.

This was all based on the purchase price of $65,000."

 I hear so often on podcast that people are getting into rentals with 5-10% down. My broker is saying I would need more than 30%. Does this seem right?