Below is a video breakdown of down payment vs closing costs, in general though , the AVERAGE that we see based on qualifying is the following!
- Down Payment – For most first time home buyers, you are looking at 3.5% as your down payment. On a $200,000 home, that comes out to $7,000!
- Closing Costs – On average, FHA buyer closing costs add up to somewhere between 2% and 5% of the overall mortgage amount. So on a mortgage loan of $200,000, the closing costs could be between $4,000 and $10,000. The exact amount will vary based on the county in which you reside in, the size of your loan, and whether or not you choose to pay points for a lower interest rate, among other variables. So these numbers are certainly not set in stone. Still, they give you some idea of what you might end up seeing!