To purchase a , you generally need between $15,000 and $75,000 in liquid cash to cover the down payment and closing costs, depending on your loan type. 1. Upfront Cash Requirements

These vary by location but usually add several hundred dollars to the monthly bill.

Typically require a score of 620 or higher . 3. Estimated Monthly Expenses

A common benchmark is to keep your mortgage between two and three times your household income. According to Rocket Mortgage , an annual income of $100,000 to $150,000 is typically recommended, though some experts at SoFi suggest you might manage on $82,000 if you have low debt. Credit Score: FHA Loans: Minimum score of 500–580 .