I am purchasing a home with a FHA first time home buyer loan. I am only putting down the required 3.

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.

1 Answer

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!