Great question. $3K should be more than enough in many cases. Why? There are a number down payment assistance programs available here in Georgia that may fund the down payment and closing costs for credit and income-eligible home buyers.
So why do you need $3K? You'll still have to consider the following expenses...
- Earnest Money Deposit: $1000 (usually)
- Appraisal: $400 (plus or minus $25)
- Home Inspection : (up to $400)
Wait! That doesn't add up to $3K. You really need to have funds available to cushion against the unexpected.
Keep working on improving your credit and also read up on some of the programs available in Metro Atlanta at the link below. Some of them work throughout the state.