Costs to purchase first home - FHA loan

[Charles Kappe]

Hello,

I am looking to purchase my first property owner occupied and cash out after 6 months to turn into a rental. I received a pre-approval for $198,500 at 3.250% for an FHA loan. I will need to bring to the table $12,725.56 for the 3.5% down payment and all closing costs. I am looking to finalize the contract to purchase the home.

What are my options to come up with the $12,725.56 for the out of pocket costs with an FHA loan?

Thank you for your help in advance! 

[Walter Purdy]

Not sure what your plan is on your cash out refi in 6 months, but you'd need a good amount of equity in your home to get approved for a cash out refi & FHA requires you to live in your owner occupied home for 12months , just a heads up