How much will it cost me out of pocket to buy an $80,000 home using an FHA loan and a 3.5 percent down payment?

My credit score is not fantastic I will barely meet the lowest requirement of 640. I am hoping to buy in 2017. I know at 3.5 percent the DP will be $2,800 and I am confident in my ability to save this amount. I want to make sure I save plenty of money for all the other parts of buying a home as well. This will be my first home purchase and I have no clue as to the actual costs for things like inspections, realtors, bank fees, etc. so any and all help would be greatly appreciated.

3 Answers

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  • LILL
    Lv 7
    4 years ago
    Favorite Answer

    The closing costs will run around $4000.00. Most lender will also require you to have at least 3 months of mortgage payments in your savings/checking account.

  • 4 years ago

    You will need at least $3000. in your bank account as well as another $ 3000.- $ 6000. for closing costs

    and lawyer's fees, inspection,insurance and utilities deposits, at the time you apply for a mortgage. You

    cannot risk being denied the mortgage as a denial will damage your chances of approval the next time.

    Every denial shows on your credit record.

    Source(s): Knowledge.
  • FAHq
    Lv 6
    4 years ago

    gonna finance 77 thousand lets say 5% interest 5% of 77K is$3.850.oo 320 a month in interest the first month lets say a mortgage payment of 450 per month another 200 per month to cover tax an insurance ...over 30 years you pay about 170 thousand dollars...

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