Buying a home with a small down payment (3%)

[Anonymous]

Navy federal offers 100% financing.

[Anonymous]

Hi, this is the OP. HHI is $115K, which looks like it's too high for the DC assistance program. I was thinking in the range of a $350K-$400K home. When I do calculators for a home in this range with a ~15k downpayment, the PITI is less than my current rent. I would like to keep my mortgage to about $2000. I hadn't factored in closing costs, which I guess I assumed I could negotiate for the seller to pay from watching HGTV. Is that still unrealistic if I'm looking to buy in PG County or further out in MD?

Also, $15K would not completely wipe out my savings, but it would leave me with only $5K for emergencies. Although I could borrow money from family members, I would prefer to have a little more cushion than that.

Based on what you're telling me, to buy in the $375K range I would need at least $25k for downpayment and closing plus a savings cushion for other emergencies. I guess I have a few more years of saving ahead.

Thanks for your help.

[Anonymous]

My sis did the 3% thing, but it was in upstate NY on a 100k house. Was totally shocked she could buy a house with only 3k down!!