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How much money will I need to buy a home?
It depends.
The down payment is easy to calculate: It's a percentage of the sales price (i.e. 3% of $300,000 home is $3,000). How much of a down payment is required? That depends on your application, financial needs, goals, and lenders' underwriting requirements.
Closing costs are more tricky: Title company fees are negotiated between buyer and seller. Lender fees vary greatly. Property taxes vary greatly from one property to the next. Home insurance costs also vary by property and location.
Once your application has been pre-approved we can run numbers to give you some goal posts as to how much you will need in cash for closing.
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