How much money do I need to purchase a home?
That can very depending on the type of financing your going to do.
FHA financing requires only 3.5% down. Example on a $150,000 purchase price 3.5% is $5250.
There are also closing cost for both the seller and a buyer. For a buyer that is doing an FHA loan the closing cost are approx 3% of the sale price using the $150,000 purchase price example would be the approx amount $4,500
With conventional financing the down payments can rang any where from 5%-25% down. With conventional financing the closing cost range any where from 1.25%-1.5% of the purchase price. Using the $150,000 purchase price 5% down is $7,500 with closing cost ranging from $1,875 - $2,250
To sum it up FHA financing on a purchase price of $150,000, the approx amount of money needed between the down payment and closing cost would be $9,750 and with conventional financing with 5% down and closing cost the approx amount needed would be from $9,375- $ 9,750
Considering buying a fixer-upper? Ask about getting an FHA 203K loan!