Zillow Advice: FHA and VA Loans - Needing some FHA help... http://www.zillow.com/advice-thread/Needing-some-FHA-help/429413/ Zillow Advice | Zillow Real Estate Great explanation Brian!&nbsp; ... http://www.zillow.com/advice-thread/Needing-some-FHA-help/429413/ Great explanation Brian!&nbsp; It really is that simple, but the really important thing is that you agent &ndash; this is the person that works for YOU &ndash; really need to be sharp enough to negotiate a deal for you that will work.&nbsp; Make sure that your <a href="http://www.zillow.com/directory/real-estate-agents/">Realtor</a> (make sure that they are a Realtor and not just a licensed agent; there is a difference) and your <a href="http://www.zillow.com/directory/lenders/">lender</a> are on the same page.&nbsp; If your lender and Realtor are both professional and work together you should be fine. Fri, 20 Jan 2012 22:34:00 GMT http://www.zillow.com/advice-thread/Needing-some-FHA-help/429413/ 2012-01-20T22:34:00Z Talk with your loan officer ... http://www.zillow.com/advice-thread/Needing-some-FHA-help/429413/ Talk with your <a href="http://www.zillow.com/mortgage-rates/">loan</a> officer or have your <a href="http://www.zillow.com/directory/real-estate-agents/">Realtor</a> talk with a recommended loan officer. There are man programs out there that different loan officers have to offer. Currently, there is a program where you can put down .5% and get the rest financed. Fri, 20 Jan 2012 21:24:00 GMT http://www.zillow.com/advice-thread/Needing-some-FHA-help/429413/ 2012-01-20T21:24:00Z FHA loans require a down ... http://www.zillow.com/advice-thread/Needing-some-FHA-help/429413/ FHA <a href="http://www.zillow.com/mortgage-rates/">loans</a> require a down payment of 3.5% of the sales price. On a $150,000 purchase, that would be $5250.&nbsp;&nbsp; This money can be your own money OR they will allow for a gift from a family member for the down payment.<br/><br/>I would estimate the total closing costs to be around 3-4% of the sales price.&nbsp;&nbsp; You can pay for these in different ways.&nbsp;&nbsp; You can either pay this on your own, negotiate with the seller to have them give you a credit for closing costs, or get a credit from your <a href="http://www.zillow.com/directory/lenders/">lender</a> to cover them.&nbsp;&nbsp; <br/><br/>The lowest <a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/">30 year fixed</a> rate is 3.75%, but if you take a rate of 4.25% your monthly payment would not be that much more and you would be able to get a credit from your lender to cover the closing costs. I am guessing that this is how your friends were able to buy a similar priced home with only $5k out of their pocket.<br/><br/>Keep saving your money so you have options come summertime.&nbsp;&nbsp; It is important to get a&nbsp;Realtor who has good negotiating skills (to try to get the seller to pay the closing costs) and a knowledgable lender who can break down your options and structure the deal to fit your scenario.<br/><br/>Good luck!&nbsp;<br/><br/><br/> Fri, 20 Jan 2012 20:51:00 GMT http://www.zillow.com/advice-thread/Needing-some-FHA-help/429413/ 2012-01-20T20:51:00Z