(Closed) How much money did you have in savings before you bought a house?

posted 6 years ago in Home
Post # 3
Member
1762 posts
Buzzing bee
  • Wedding: August 2014

Its really what your price range is and what your looking for and of course its all about location as well. We put down $90,000 for our home we just recently moved in last september but our price of our home was $475,000. I just recently posted the pics up of my home check them outSmile

Post # 5
Member
3618 posts
Sugar bee
  • Wedding: November 2011

If you’re asking at what point did we feel we had enough money to start looking, I’d say from day 1 looking is free Sealed Now….how much did we need to have saved to feel we had enough money to buy….never enough. Undecided Sorry, I’m no help.

I would say it’s hard to put an exact % or number on it. You and your Darling Husband know your finances and what you feel comfortable with. For us we were not emptying our savings, we still needed to furnish the place and well, eat. We put down a large downpayment with the help of the in laws. We did not want to be house poor. So we were not willing to take on a mortgage that was more than 1/3 of our take home pay. It took us over a year to find the perfect house, location, and price.

Post # 6
Member
510 posts
Busy bee

Darling Husband wanted to have enough for a 20% down payment… but we ended up with about 35,000 which was 10% down and covered our closing costs. 

Post # 8
Member
802 posts
Busy bee
  • Wedding: April 2012

It depends on what kind of loan you are applying for, I didn’t have any credit at the time so we applied for a FHA loan- which only required a 5,000 downpayment. Which made us chuckle a little, it all depends on where you’re at, and what your looking to pay for a house.

When we buy a house offically, we’ll put down 21,000 on a 130,000(ish) house. Which will put our morgage & taxes at around $870. If you have enough saved up to make your house payment the same, or less than your rent- you have enough..IMO at least. That’s one of the benifits of buying a house.

We’re in lower NC though so maybe it’s diffrent where you are?

Post # 10
Member
3618 posts
Sugar bee
  • Wedding: November 2011

@MM423:  hahahaha. You just have to take the plunge when you and your Darling Husband agree that the numbers work. To be honest, I was more nervous signing escrow papers than our marriage license!

Post # 11
Member
270 posts
Helper bee
  • Wedding: April 2013

We were looking for a house right in your price range and refused to buy until we had enough to cover 20% down, closing costs, at least 3 months worth of mortgage and tax payments and a little extra on the side – for emergencies. 🙂 

Post # 12
Member
5977 posts
Bee Keeper

We wanted to make sure we had enough leftover for an emergency fund. We had about $90K in our account and used about $35K for the down payment and closing costs. 

@yellowshoe:  Doesn’t it feel like you’re signing your life away? It’s a scary thing to sign all of those papers!

Post # 13
Member
3618 posts
Sugar bee
  • Wedding: November 2011

@2PeasinaPod:  seriously! I mean you are signing away the next 30 years of your income….

Post # 15
Member
484 posts
Helper bee
  • Wedding: July 2010

We are looking at homes $130K and below because we are only able to put down $10K. We have enough in our savings to put down the full 20% – but we do not want to wipe out our entire emergency savings fund.

Post # 16
Member
2416 posts
Buzzing bee
  • Wedding: September 2012

Hmm…Fiance and I are going to focus on paying off all debt for the first few months after the wedding (except for student loans b/c mine are no/low interest) and then we’ll focus on building an emergency fund and invessting in stocks for another 6 months or so….along with a healthy short-term savings. Then after a year or so we’ll focus on saving up for a home. We’ll probably try to save up at least 50k and that will probably take a couple of years!

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