Salt Lake City, Utah - Homes & Condos:
Down Payment and other closing costs

Before you start looking at Salt Lake City homes and condos, it’s a good idea to know how you will finance the purchase of your new home and how much of your own money you will need to accomplish this.
•  Down Payment : Most houses are bought with 3% to 20% down. There are many loans for a variety of needs. If you put 20% or more down, there is no private mortgage insurance.  FHA loans can be done with just 3.5% down
•  Closing Costs : Closing costs and prepaid taxes & insurance will typically be about 3%  (2%-4%) of the purchase price. However, the Buyer can usually negotiate with the Seller to have them pay for the Buyers closing costs. The lender allows this, so the Buyer usually doesn't need to save the closing costs in order to buy a home.
•  Inspections: A home inspection will usually cost $300 or more and is almost always worth it. The Buyer should plan on paying for this at the time of inspection.