(Please excuse grammatical mistakes - this is a direct transcription of the original video.)

Number six, how much money do I need in order to buy a house?

It's about 3 to 5% depending on the loan program that you qualify for and you choose to go with. VA and USDA is 0%.

You also have to consider about 2 to $4,000 for closing costs, which is like appraisal, the loan itself, maybe underwriting, processing, title work, other fees that might be kind of weird. But it's part of the deal.

You have to consider escrow as well, meaning money that's put into an account for you to save for future insurance and taxes. Which is not really a closing cost, but it's money that's expected for you to bring to the table, so you can start your mortgage process.

To be safe, I say about 10% as a rule of thumb. So if you're buying a $200,000 house, that's $20,000. If you're buying a $400,000 house, that's about $40,000. Remember this is like the minimum. You probably should have more.

See, a lot of people try to squeak in. They're probably like, you know, "I got exactly 3.5%. I'm good." No, you need to understand that there's a possibility that you need closing costs, you need to pay for appraisals. Dude, sometimes you need reserves. That means like extra money after the fact. So what I mean by that is you close on a house - you still have to have something. We don't want to make someone cash poor. The worst thing that we can do is get you to buy a house and you have nothing in the bank, and you're going to be eating ramen for like the next 6 months.

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Also if you want to set up a ZOOM CALL or PHONE CALL to learn more about this particular topic, you can do so by setting an appointment with First Time Home Buyer Coach Larry Le here: www.homeloandate.com.

If you want to start the home buying process you can follow any of these options:

1. Call/Text Loan Officer Larry Le right away at 214-225-6323
2. Email Loan Officer Larry Le at [email protected]
3. Start the preapproval process on your own - you can start at www.LarryLeTeam.com or https://larryle.floify.com/apply-now
4. Set an appointment to speak to Loan Officer Larry Le on the phone or via ZOOM at www.homeloandate.com

Also you can check out Loan Officer Larry Le's blog at http://yourmortgageinsider.com for information, news, and updates on the mortgage and housing industry or check out his YouTube channel at https://www.youtube.com/channel/UCYYE06pvAn0lG7proyLIUqQ.