Posted on: 06th Nov, 2012 11:03 pm
If I were to do an FHA loan on a foreclosed home, what amount of money should I have saved? I have a decent savings right now, but not sure what my March wedding will leave me with. I’m wanting a house btw 50-70k. With all of the closing costs and FHA 3.5% DP what amount should I feel comfortable with in my savings to start the hunt?
Hi paulson!
Welcome to forums!
I agree with what Sara has said. You should make sure that you save the down payment amount as well as few months of mortgage payments in order to get qualified for the mortgage easily. In order to get the loan, you should contact the local lenders.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what Sara has said. You should make sure that you save the down payment amount as well as few months of mortgage payments in order to get qualified for the mortgage easily. In order to get the loan, you should contact the local lenders.
Feel free to ask if you've further queries.
Sussane
The down payment amount is 3.5% of the purchase price of the house. You need to know the closing costs as well as the monthly mortgage payment amount. You should be in a position to pay the closing costs too. In addition to that you should have sufficient amount of money in your account so that you can make payments for at leat 3 to 4 months.