Rent or Buy?

[MTK]

This may have already been answered, but for a first time buyer what kind of cash do I need to have up front? My Dad is always telling me to look at FHA loans, anyone know about these and what they're about??

[EternalEnigma21]

Originally Posted by Mattyk72

This may have already been answered, but for a first time buyer what kind of cash do I need to have up front? My Dad is always telling me to look at FHA loans, anyone know about these and what they're about??

The amount you come out of pocket depends on how much you spend on a house, the kind of market you are in, and what kind of financing options you decide on. But suppose you put no down payment on a house, and the house costs $200,000. You'd probly look at paying 5-6k in closing costs.

Like I said before, most lenders allow up to 3% back in cash/closing above the appraised price if you go conventional financing.