@Anonymous wrote:
Thank you so much to everyone who has commented so far. I am taking all of this in and it looks like some good tips to follow.
I am definitely here to repair blemishes on my CRs and to maximize my credit while putting what I can away in savings. How much is a good solid amount. Someone said 3.5% is the minimum. Did anyone else start with higher or lower? Success? Luck? Problems?
I am trying to educate myself as much as possible to make my dream a reality
3.5% is the minimum needed for downpayment on an FHA loan. You can lender credits (aka a higher interest rate) to help offset closing costs and prepaid items (but not downpayment). If you plan on living in the house long-term, taking a higher interest rate isn't the best option. It makes more sense if you only plan on being in the home a few years or if you have no other way to get the funds needed to close.