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6 must-do's before buying a home

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Save for down payment, closing costs
Save for down payment and closing costs | Pamela Joe McFarlane/Getty Images

Save for down payment, closing costs

Depending on your credit and financing, you'll typically need to save enough money for a down payment -- somewhere between 3% and 20% of the home's price.

To get an FHA loan, you need a credit score of 580 or higher.

One exception: Veterans Affairs loans, which require no down payment.

SEARCH RATES: Comparison shop for a VA loan today on Bankrate.com.

Don't forget loan fees

Another cash expense: closing costs. Whatever your loan source, you'll also need money to pay closing costs. For a $200,000 mortgage, closing costs run (depending on where you live) from $2,300 to $4,000. Get the average closing costs in your state at Bankrate's closing costs map.

Improve your chances by: banking your own money and seeking down payment assistance, Tiffany says. Often it's location-based or tagged to a certain type of buyer, like first-timers, she says. Search online with the city name, then the county name, along with word combinations such as "down payment assistance," "first-time homebuyers" and "homebuyer's assistance."

In a buyer's market, you can also negotiate to have the seller pay a portion of the closing costs.

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