I've already gave the builder a check for $10,000 (3.5% down going FHA) in Earnest money back in September. $500 towards the title work, and $9500 towards the down payment which has already been cashed and cleared.
My lender told me they may be able to offer a "lender credit" up to $7000 depending on the rates when I lock in (late March). My closing costs are going to be about $8000 total, so I'm hoping that I won't have to come up with too much cash for closing, and I can save the cash for other things such as landscaping and what not. I just don't want to depend on the "lender credit" just in case it isn't available. I want to make sure I have enough cash to close if need be. I just don't have the means to save $8000 between now and closing...maybe half that, but not $8000 unless I tap into my 401k.
Thanks for your responses all....very valuable information and I greatly appreciate the time you took out to respond!
Starting Score:5/22/10 590