May I ask how much you needed to have saved to get a house?

Question

I know every situation is different.
We want to get a house and don’t have a lot saved. We wanted to save up until next year but are lease is up in a few months and and not wanting to rent anymore. But obviously we will if we need to. 
I don’t really have family to ask or I would ask them.
Did you have a lot saved up to get your house and may I ask how much? I know that’s kinda personal lol percent and money. 
Like I just want to know how much to have saved up for a house between 200-250k. (I know 20% and if not you pay PMI)
We had some saved up but decided to start working on paying off stuff that was effecting our credit in a bad way. 
Any info you would be willing to share me would be awesome (not too personal) 
I guess I’m just looking for hope I’ll be able to soonish and not put us over our heads

Answer

Sorry I’m no help.  Our loan didn’t require a down payment with the VA loan.

Answer

We got a first time buyers loan that didn’t require a down payment, but we still had to pay for closing costs. Between the inspection, appraisal, closing, and earnest money it came out to almost 4000, and our house is 175,000

Answer

Depends on the type of loan. There are no money down loans. There are loans that require 3% down. There are loans that require 5% down. 
I just closed on a house that I got for $140k. I had to have $9k at closing. That was 3% down and closing costs.

Answer

Our purchase price was $128,500- the house needed repairs (my husband is a carpenter) so we had to do a standard conventional mortgage per inspections. We wanted to avoid PMI payments so we saved 20% down which was $25,700 and with all fees it came to roughly $29K upfront total.

Answer

We followed the dave Ramsey plan with zero regrets! It’s worth looking into.

Answer

Our house was 160,000 and we put a down payment of 8,000

Answer

We used FHA, so we have a good amount of mortgage insurance each month.. but that only required a 3.5% down payment. Our house was 242k and the down payment was $6500, we got the sellers to cover closing costs but with appraisal/inspection and additional costs it was about $9000 up front.

Answer

Interested in the responses too. If y’all are first time home buyers look into down payment assistance programs.

Answer

Some states have 0% down first time home buyer programs, you should check with a lender and they will tell you what you need and qualify for. Most homes do require you to give some kind of earnest money with the offer, which is usually 1% of the home value that is separate from your loan, so I would save at least $2,500-$3,000 for that and you may be able to finance the rest.

Answer

We used the VA loan and didn’t need a down payment on our $440k home. We pains about $2k of roughly $26k in closing costs because we offered asking price and negotiated that the seller (k&p builders, new build home) pay for closing costs.

May I ask how much you needed to have saved to get a house?

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