I am purchasing a home with a FHA first time home buyer loan. I am only putting down the required 3.5% . How much will I need to pay at the Purchase and Sale signing.
Depends on whether your sales contract specifies any seller paid closing costs. If it does not, you will need to pay the 3.5% down payment, plus your lender's closing costs, a year on your homeowner's insurance, and your escrow account setup. If money is tight, hopefully your buyer's agent and/or loan officer recommended writing some seller paid closing costs into your sales contract. If you are not working with a lender or a buyer's agent, do yourself a favor and get one of each BEFORE writing a sales contract!