I am a young adult trying to save for my first home. How much money do I need to save?

This depends on a variety of factors such as: what program you can qualify for (VA does not require a down payment whereas other programs require 3.5% to 5% down), how much homes cost in your area, what you can afford to pay each month, if you have a family member who would be willing to give you gift funds. Keep in mind, you will need to account for more than just a down payment; consider that there are still closing costs, moving expenses, furnishings for your new home, etc. Your bet course of action is to speak with a local lender to determine what loan products you qualify and for how much. Start with that information and make your decisions based on that.

VA and USDA offer 100% financing.. With VA, you need to have been in the military and have VA benefits available to you.. with USDA, you need to look at home that are in the USDA defined area (rural area's). There are also programs available where you can go FHA and only put $100 down or 1/2% total down payment. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Generally, the minimum required down payment is 3.5% for an FHA loan and a down payment of 5% is required for Conventional. As others have mentioned, there may be other options such as USDA or VA (if you're a Vet). These two programs do not require a down payment. HUD-owned homes can be an option as well. There may be other down payment assistance programs available from your community or state. If you would like to talk about your options and plan for your future purchase, I am a GA licensed lender. I would be pleased to assist!

Appreciate the question. Very nice to see a youngster with a smart goal. If you enlist in the military and get out. You may be eligible for a VA loan. 0% down. The lowest down payment you will need is ideally 3.5% of the purchase price of the home. FHA loan. However if you want the best loan you want to put atleast 20% down. This way you can avoid the $100-200 a month mortgage insurance extra payment. (Flushing cash down the toilet) If you can't do the 20% then 3.5% FHA loan is fine...you can eventually refinance out of it when you get 80% LTV (loan to value) Best up luck Gilly! Stay Focused!

The amount that you need to save all depends on what you can afford to pay as a mortgage payment every month. There are programs that require as little as 3.5% down and the seller can pay all of your closing costs. In addition to that the down payment can come as a gift from a family member.

The amount that you need to save depends on how much you want to spend. If you qualify for a VA Loan, you can purchase a property with now money down. You can also purchase a property for as little as 3.5 percent down with an FHA Loan. With a conventional loan you need 10-20 percent down. Determine, based on your income, how much you can afford for your monthly mortgage and insurance payments and how much you price range is for the home. Talking with a local mortgage expert can help you determine some of these factors.

You will need between 3.5 and 5% in readily available funds for a down payment (unless you qualify for VA or the property qualifies for USDA). There are usually ways to cover most of the other closing costs from other sources (seller, lender, etc.). If you receive gift money from a relative,you will need to have it thoroughly documented (the bank account statement it came from, the account it goes into - amounts matching, etc.).There are also local, usually by city or county, programs that may be able to make the down payment for you (they will then put a second lien onthe property, but most of these don't require payments until you sell or re-finance the property. You should talk to a local, licensed mortgagebroker to determine what your options are there in Savannah.

The minimum down payments for home ownership depend on the program you choose and/or qualify for. 3.5% is the lowest down payment for non-veterans and people who aren't in a rural area. Beyond the down payment, you want to think about things like closing costs (which you may be able to get help with from your lender or seller), furnishing the new home, remodeling the hew home, etc. As mentioned in previous comments, it is always best to consult with a local reputable loan officer.

There may be some Community Programs in your area that allow down payment assistance for the 3.5% down needed for an FHA loan. Check with HUD on that. http://portal.hud.gov/hudportal/HUD

If you are a veteran and qualify for A VA loan you get 100% financing. FHA 3.5% down. USDA 100% financing. It is always good to save as much as you can to have in reserves in case of future hardships.

If you are looking for minimum down payment and If you are a veteran you don't need any money down, otherwise you might be able to buy with as little as .5% down, but ideally you'd need 3% for a conventional loan. You'd still need to pay mortgage insurance, but now days mortgage insurance on conventional loans is cheaper than FHA loans.

Save at least 3.5%, plus one month of mortgage payments, at a minimum. Often sellers will pay all your closing costs.

Down payment requirements vary depending on a number of factors. Generally speaking, the more down payment the better, but you may need anywhere from nothing to 20%. COntact a local GA mortgage broker, give them a full application, and then they can zero in on your individual needs and qualifications.