#32: How much should I save before buying a house?
One of the biggest questions that I asked my homeowner friends was, “how much should I save before buying a house?” Now granted, they all bought at different times and under different circumstances so their answers weren’t as helpful as I’d like. But what they did encourage me to do, was to consider different loan types to help me determine a comfortable amount for my scenario.
So that’s what I’m going to do for you. I am going to break down an estimate of how much you should save before buying a house based on 3 typical loans: FHA, Conventional, and VA loan. This is not an exhaustive list as we have to consider where you’re buying to accurately determine an exact closing costs amount (each state has different expenses) but this will give you some good ballpark figures to consider.
I go over all of this and more in
Ready To Own, my 100+ page workbook that was birthed from my experience of purchasing my first home. I made a lot of mistakes and also felt unprepared throughout the initial process. It’s full of resources, checklists, terms, and insights designed specifically for first-time homebuyers. Grab yours:
https://www.realestatepreppod.com/ready-to-own.
Resources:
[VIDEO] My debt free journey: https://youtu.be/C0Tyt3n7PCY
The #1 Workbook for first-time homebuyers: https://www.maximizedmoney.com/ready-to-own
Biggest mistake I made in my homebuying journey: https://youtu.be/Yn-LsYujGtA
First time homebuyer loans:
https://www.maximizedmoney.com/first-time-homebuyer-loans
Instagram (we have lots of fun over here):
https://www.instagram.com/maximized.money
Ready to find the right real estate agent for you? Download my free checklist for questions to ask:
https://www.maximizedmoney.com/homebuyers-checklist
Want to get your finances together for your big home purchase? Join my free Homebuyer Goals Challenge:
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