You should apply because you may be able to receive assistance for closing costs, and the down payment, too. Typically, you’ll need 4-7% of the home’s price to cover the down payment and closing costs It’s also a good idea to have at least 2-3 months of future housing payments in savings in case of a job loss or other unforeseen event. Assistance can help you cover upfront costs, leaving you with more money left over after closing.