Frequently Asked Question
Quick Answer
At minimum, you need enough for your down payment (3–3.5% with FHA, 0% with VA), closing costs (2–4% of purchase price), and reserves (most lenders want to see 2–3 months of housing payments in savings after closing). Florida HFC down payment assistance programs can reduce the upfront cash needed.
At minimum, you need enough for your down payment (3–3.5% with FHA, 0% with VA), closing costs (2–4% of purchase price), and reserves (most lenders want to see 2–3 months of housing payments in savings after closing). Florida HFC down payment assistance programs can reduce the upfront cash needed. A good lender will walk you through the exact numbers for your situation.
This answer is part of a longer article by Pam Heinold:
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