Needing some FHA advice.....I'm a potential first time home buyer who has a decent salary but not alot in the bank. I realize that FHA limits this necessity but I am still weary on how much my down payment will have to be and what my closing costs will be. I realize some of this can be negotiated in the sale itself, however, the worst case scenario is that it the seller doesnt agree to pay closing costs and I have to come up with them. I am looking at the 150k range for a house and wanted to know (a ballpark figure obviously) what the closing costs associated with a sale like this might be and also how much I would have to put down. I realize its generally 3% but I am confused on the transfer of money between the buyer and seller. I have friends that say they only had 5k to contribute to their sale and were able to buy a 150k house without the seller paying closing costs. I'm just trying to get educated here! Need some guidance so I know how much to have in my pocket going into this thing. My goal is to make this all happen this summer. THANKS!!!!!!!January 20 2012 - Greenwood00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.