First Purchase - FHA - Cash on hand

[Nate Burnett]

Hi all,

I've been pre-approved for an FHA for $250k for a SFH and ~$300k for a MFH. I've found one that I'm going to be making an offer on, it's listed at $229k, comps in the area are few and far between but the value is more than likely around $210k.

This is going to be a house hacking experience. I'll be doing 3.5% down so ~$7350 if my offer is accepted. As far as cash on hand for closing costs and reserves, nobody at the lending company I'm using can tell me what exactly I'll need until much closer. 

Are there any good ways to find out what exactly I'll need on hand? While I will have more in my accounts I just need to know if I need to be more aggressive on setting things aside until closing. Some things I've read say 2 months of reserves, some longer, some none at all. I've got a steady income for the last several years with ~$7500/month pretax. 

I'm also unsure if I should use a 203k loan to finance the rehab, I'd prefer to do the bulk of the work myself and bringing in trades when needed and then refinance to get cash out when we're ready to purchase the next MFH, so I could see there being more savings if I self finance the renos through one of my 0% apr credit cards or just pay cash. 

Thanks! :)