Best answer from question by jamaicabound123123:
Answer by ibu guru
FHA is the only loan option now with an official “low-down” of 3.5%. You will also need closing costs in cash, plus reserves of at least 3-6 months. However, we are finding that property deals with less than 20% down are developing “last-minute hitches” at a rather alarming rate, and these deals are not getting funded by the closing date even though they were supposedly “approved.”
If you only have $ 4000 cash, you only have about a third of what you need to do FHA (if it goes through), and only a fifth of what it really takes to get the deal done.
