Zillow Advice: Home Buying - How much money should I have saved to buy a home for the first time? http://www.zillow.com/advice-thread/How-much-money-should-I-have-saved-to-buy-a-home-for-the-first-time/545011/ Zillow Advice | Zillow Real Estate Thank you both very much!!! ... http://www.zillow.com/advice-thread/How-much-money-should-I-have-saved-to-buy-a-home-for-the-first-time/545011/ Thank you both very much!!! All extremely helpful info for me!&nbsp; Thu, 12 Jun 2014 05:29:00 GMT http://www.zillow.com/advice-thread/How-much-money-should-I-have-saved-to-buy-a-home-for-the-first-time/545011/ 2014-06-12T05:29:00Z There are many first-time ... http://www.zillow.com/advice-thread/How-much-money-should-I-have-saved-to-buy-a-home-for-the-first-time/545011/ There are many first-time home buyer programs available. &nbsp;I'd check out the Federal Housing Administration website for your state to see which programs are currently available. &nbsp;In California, where I'm from, the most popular first-time home buyer programs require a credit score higher than 620, gross monthly income greater than 3x the mortgage payment, and a 5% downpayment. &nbsp;We also have a downpayment assistance program to help pay most of that downpayment. &nbsp;<br/><br/>You should anticipate saving at least 5% for your downpayment and around $3,700 for closing costs.<br/><br/>Also, if you want to be financially sound, it makes sense to have enough of a savings to cover six months of expenses in addition to the down payment/closing costs.<br/><br/>Hope this helps!&nbsp;&nbsp; Wed, 11 Jun 2014 10:14:00 GMT http://www.zillow.com/advice-thread/How-much-money-should-I-have-saved-to-buy-a-home-for-the-first-time/545011/ 2014-06-11T10:14:00Z A very good question, kudos ... http://www.zillow.com/advice-thread/How-much-money-should-I-have-saved-to-buy-a-home-for-the-first-time/545011/ A very good question, kudos for planning ahead.<br/><br/>The amount you will need will depend on the type of loan you obtain.&nbsp;&nbsp; Plan on 3.5% to 5.0% down payment, closing costs of 3% plus and it is nice to have some reserves for both emergencies as well as buying a new house costs money (lawn mower, curtains, trash can etc).&nbsp;&nbsp;&nbsp; <br/><br/>Here's a link to <a href="http://www.zillow.com/home-buying-guide/">Zillow home buyer's guide.<br/></a><br/> Wed, 11 Jun 2014 05:52:00 GMT http://www.zillow.com/advice-thread/How-much-money-should-I-have-saved-to-buy-a-home-for-the-first-time/545011/ 2014-06-11T05:52:00Z