It's a tough question to answer. Depends on your financial situation and what loan program you're going with If you're doing FHA, you need at least 3.5% down payment, so for a $100,000 house you need a $3,500 down payment. On a conventional loan you need a minimum of 5%, so on that same $100,000 house you need at least $5,000 for down payment.
Closing costs can also vary depending on the loan program you going with. Rule of thumb is an estimate of about 4-5%. But in reality, there are so many factors involved that it is best to allow a Loan Officer to pre-approve you and give you a detailed breakdown of all the costs involved once you've determined the best program to go with.
I'm always available if you'd like to discuss your options. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax