What to expect, how much do I need, to purchase a home?

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$ 70,000 for a handyman project on the exterior. Its a city home with .32 acres (in a good neighborhood). I have a A+ credit rating and I am looking at a 30 year fixed FHA (more interest, but Im young and the lower monthly payments attract me). Im getting married soon, and it has my $ $ $ wiped out. How much should I expect to save for a down-payment and closing costs on top of it? A safe estimate. If you are able to tack in a rough estimate for home insurance, that would be great too. Hoping some wise homeowners or Realtors can help me.

1 Comment
  1. Reply
    T68
    August 8, 2013 at 2:10 pm

    You will need at least $ 5,000 for closing costs and down-payment, though you might be able to get some closing cost credit up to 3% of the purchase amount. But what troubles me are the words “handy man project”. FHA requires that the home be pretty much move-in ready, so if there is too much work you will need a conventional loan 20% down OR an FHA 203K rehab loan.

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