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re: Wise friends of the MB: Am I anywhere close to buying a home? UPDATED pg. 3
Posted on 4/8/15 at 9:00 am to bayoubengals88
Posted on 4/8/15 at 9:00 am to bayoubengals88
Cash on hand seems low. Last i looked, FHA required 3.5% down, plus you will need closing costs as well.
If you go traditional loan you will need a min of 5% down.
Only loan i can think of that is still 100% financing is a Rural Development loan, and since you want center of city, you will not find that available in the city.
On a $200k house, 3.5% down + closing will be in the $10k out of pocket range, unless u can get the seller to pay some or all of the closing costs.
If you go traditional loan you will need a min of 5% down.
Only loan i can think of that is still 100% financing is a Rural Development loan, and since you want center of city, you will not find that available in the city.
On a $200k house, 3.5% down + closing will be in the $10k out of pocket range, unless u can get the seller to pay some or all of the closing costs.
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