{"id":8885,"date":"2022-01-13T15:36:08","date_gmt":"2022-01-13T23:36:08","guid":{"rendered":"https:\/\/www.flyhomes.com\/blog\/?p=8885"},"modified":"2022-05-26T11:40:33","modified_gmt":"2022-05-26T18:40:33","slug":"how-much-money-do-you-really-need-to-buy-a-house","status":"publish","type":"post","link":"https:\/\/flyhomes.com\/blog\/how-much-money-do-you-really-need-to-buy-a-house\/","title":{"rendered":"How much money do you really need to buy a house?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Understanding the different costs of buying a home<\/h2>\n\n\n\n<p>Buying your first home can be as nerve wracking as it is exciting. That\u2019s because it\u2019s hard to know what goes into purchasing a house\u2014specifically, how much money it really takes.<\/p>\n\n\n\n<p>In this article, you\u2019ll discover exactly how much money you need to become a homeowner, what to do if you don\u2019t have enough, and how to assess if you\u2019re ready to take on the financial responsibility of owning a home.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">In this article<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e8dec52e2a8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e8dec52e2a8\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/flyhomes.com\/blog\/how-much-money-do-you-really-need-to-buy-a-house\/#Key_takeaways\" >Key takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/flyhomes.com\/blog\/how-much-money-do-you-really-need-to-buy-a-house\/#Down_payment\" >Down payment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/flyhomes.com\/blog\/how-much-money-do-you-really-need-to-buy-a-house\/#Closing_costs\" >Closing costs&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/flyhomes.com\/blog\/how-much-money-do-you-really-need-to-buy-a-house\/#Lender-required_cash_reserves\" >Lender-required cash reserves&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/flyhomes.com\/blog\/how-much-money-do-you-really-need-to-buy-a-house\/#Prepaid_expenses\" >Prepaid expenses&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/flyhomes.com\/blog\/how-much-money-do-you-really-need-to-buy-a-house\/#Utility_adjustments\" >Utility adjustments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/flyhomes.com\/blog\/how-much-money-do-you-really-need-to-buy-a-house\/#Moving_costs\" >Moving costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/flyhomes.com\/blog\/how-much-money-do-you-really-need-to-buy-a-house\/#Assessing_your_savings\" >Assessing your savings<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/flyhomes.com\/blog\/how-much-money-do-you-really-need-to-buy-a-house\/#Buying_alternatives_for_first-timers\" >Buying alternatives for first-timers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/flyhomes.com\/blog\/how-much-money-do-you-really-need-to-buy-a-house\/#Wrapping_Up\" >Wrapping Up<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_takeaways\"><\/span>Key takeaways<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>All up-front costs associated with purchasing a home&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<p>Aside from the down payment, there are a considerable amount of smaller, upfront costs that often surprise first-time homeowners. These costs vary depending on where you decide to purchase your first home, so it\u2019s smart to be aware of all of them when putting together your savings plan.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>How to assess whether or not you can afford to buy a home<\/strong>&nbsp;<\/li><\/ul>\n\n\n\n<p>Deciding you\u2019re ready to buy a home takes more than just making sure you have enough to cover mortgage payments. You\u2019ll need to have good credit and a certain amount of savings if lenders are going to consider you financially healthy.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>What to do if your finances don\u2019t line up with buying a home right now<\/strong>&nbsp;<\/li><\/ul>\n\n\n\n<p>Purchasing your first home is no small feat. Luckily, the government understands this and has developed programs to assist first-time homeowners in achieving this important milestone. However, keep in mind that, while upfront costs may be lower, the long-term costs associated with these programs are often higher due to insurance fees.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Down_payment\"><\/span>Down payment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The down payment on your home will most likely be your biggest cash expense. It\u2019s recommended that you put down at least 20% of the total home price in order to avoid paying Private Mortgage Insurance (PMI).&nbsp;<\/p>\n\n\n\n<p>PMI is a type of insurance that protects lenders from losing money in case the borrower is unable to make their mortgage payments. Given all the expenses you\u2019ll be taking on as a new homeowner, it would be wise to avoid adding on an unnecessary monthly expense, if at all possible.&nbsp;<\/p>\n\n\n\n<p>However, a 20% down payment is a hefty amount of cash up front for many aspiring homeowners. Government-insured loans from the FHA, VA, and USDA are available for qualified buyers who are unable to make a 20% down payment up front. We\u2019ll explore those options a bit later in this article.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Closing_costs\"><\/span>Closing costs&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>After calculating your down payment, take stock of all closing costs. While saving up for a solid down payment should be your priority, saving up for related closing costs is next in line. Closing costs vary from state to state and include expenses such as taxes, appraisal fees, and title insurance, just to name a few.&nbsp;<\/p>\n\n\n\n<p>Closing costs are generally 2-3% of your home\u2019s purchase price. For example, if you\u2019re buying a home for $400,000, you&#8217;ll need $80,000 for a down payment and an added $12,000 for closing costs to total&nbsp; $92,000. Remember, there are alternate ways of achieving homeownership when cash is tight.<\/p>\n\n\n\n<p>Below you\u2019ll find a list of common closing costs associated with purchasing a home. Keep in mind not all may apply, given that closing costs differ based on your geographical location.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Application fee<\/strong>&nbsp;<\/li><\/ul>\n\n\n\n<p>Generally between $300 and $500, this expense covers the appraisal and credit report fees. However, not every lender may charge this fee.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Appraisal fee&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<p>This expense also ranges from $300 to $500 and covers an independent appraisal used to establish the market value of your property. If you don\u2019t pay an application fee, your lender will probably require you to pay an appraisal fee.&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Title search&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<p>Typically between $200 and $300, this is necessary in order to ensure the property will transfer with a clean title. If there are any liens against the property, they will show up here.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Title insurance<\/strong>&nbsp;<\/li><\/ul>\n\n\n\n<p>This covers any liens that may not have appeared during the title search. It\u2019s required in order to protect the lender against any undiscovered liens. The cost of title insurance is based on the value of the home, and can run up to several hundred dollars.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Owner\u2019s title<\/strong>&nbsp;<\/li><\/ul>\n\n\n\n<p>It\u2019s also recommended that along with purchasing title insurance, you purchase an owner\u2019s title which allows you to refinance or sell your property if a prior lien is discovered. Owner\u2019s title insurance is usually around $200.<\/p>\n\n\n\n<p><strong>Attorney fees<\/strong>&nbsp;<\/p>\n\n\n\n<p>Ranging from $400-$1000 (or more, depending on the complexity of the transaction) attorney fees are necessary if real estate closings are not handled by title companies in your state.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Home inspection<\/strong>&nbsp;<\/li><\/ul>\n\n\n\n<p>Generally, you can expect to spend between $200 and $400 on a home inspection. It\u2019s not required, but it is recommended. Problems with the home can end up costing you a lot of money in the long-run, and even reduce your home\u2019s property value, if you don\u2019t catch them before you purchasing. It\u2019ll be money well spent if a problem is discovered, and may even be grounds for renegotiating the home price.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Real estate transfer and mortgage taxes<\/strong>&nbsp;<\/li><\/ul>\n\n\n\n<p>Lastly, there are taxes associated with property and property transactions. Similar to title insurance, this expense is calculated based on the home\u2019s property value or mortgage payments, and it varies from state to state.<\/p>\n\n\n<figure class=\"wp-block-unsplash-image wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"8887\" data-permalink=\"https:\/\/flyhomes.com\/blog\/how-much-money-do-you-really-need-to-buy-a-house\/jfpjgnvhpmm\/\" data-orig-file=\"https:\/\/images.unsplash.com\/photo-1532987978747-aa9d644e3b2d?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDIxMTU1OTM&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1920&amp;h=2560\" data-orig-size=\"1920,2560\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;1.9&quot;,&quot;credit&quot;:&quot;Avi Naim&quot;,&quot;camera&quot;:&quot;PH-1&quot;,&quot;caption&quot;:&quot;San Francisco light&quot;,&quot;created_timestamp&quot;:&quot;2018-07-30T18:00:59-04:00&quot;,&quot;copyright&quot;:&quot;Avi Naim&quot;,&quot;focal_length&quot;:&quot;3.4&quot;,&quot;iso&quot;:&quot;50&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;woman kissing dog while sitting on chair&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"\" data-image-description=\"&lt;p&gt;San Francisco light&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Photo by &lt;a href=&quot;https:\/\/unsplash.com\/@avinaim&quot; rel=&quot;nofollow&quot;&gt;Avi Naim&lt;\/a&gt; on &lt;a href=&quot;https:\/\/unsplash.com\/?utm_source=the-living-room&#038;utm_medium=referral&quot; rel=&quot;nofollow&quot;&gt;Unsplash&lt;\/a&gt; &lt;\/p&gt;\n\" data-medium-file=\"https:\/\/images.unsplash.com\/photo-1532987978747-aa9d644e3b2d?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDIxMTU1OTM&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=225&amp;h=300\" data-large-file=\"https:\/\/images.unsplash.com\/photo-1532987978747-aa9d644e3b2d?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDIxMTU1OTM&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=768&amp;h=1024\" src=\"https:\/\/images.unsplash.com\/photo-1532987978747-aa9d644e3b2d?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDIxMTU1OTM&#038;ixlib=rb-1.2.1&#038;fm=jpg&#038;q=85&#038;fit=crop&#038;w=768&#038;h=1024\" alt=\"woman kissing dog while sitting on chair\" class=\"wp-image-8887\" width=\"768\" height=\"1024\" title=\"\" srcset=\"https:\/\/images.unsplash.com\/photo-1532987978747-aa9d644e3b2d?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDIxMTU1OTM&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=225&amp;h=300 225w, https:\/\/images.unsplash.com\/photo-1532987978747-aa9d644e3b2d?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDIxMTU1OTM&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=768&amp;h=1024 768w, https:\/\/images.unsplash.com\/photo-1532987978747-aa9d644e3b2d?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDIxMTU1OTM&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=150&amp;h=150 150w, https:\/\/images.unsplash.com\/photo-1532987978747-aa9d644e3b2d?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDIxMTU1OTM&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1152&amp;h=1536 1152w, https:\/\/images.unsplash.com\/photo-1532987978747-aa9d644e3b2d?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDIxMTU1OTM&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1536&amp;h=2048 1536w, https:\/\/images.unsplash.com\/photo-1532987978747-aa9d644e3b2d?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDIxMTU1OTM&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=610&amp;h=813 610w, https:\/\/images.unsplash.com\/photo-1532987978747-aa9d644e3b2d?ixid=MnwxNTIyNDV8MHwxfGFsbHx8fHx8fHx8fDE2NDIxMTU1OTM&amp;ixlib=rb-1.2.1&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=188&amp;h=250 188w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><figcaption>It&#8217;s important to assess your other financial goals like starting a family or going back to school before you buy a home<\/figcaption><\/figure>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Lender-required_cash_reserves\"><\/span>Lender-required cash reserves&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Lenders require borrowers to have a certain amount of cash in the bank after all closing costs are paid. This is to ensure that homebuyers are not left financially unable to make their mortgage payments after the first few months.&nbsp;<\/p>\n\n\n\n<p>Typically, lenders will require a cash reserve of at least two months of your mortgage payments. So, for example: if your principal, interest, taxes, and insurance amount to $2500 every month, you\u2019ll need to have at least $5000 saved up after paying your down payment and closing costs.&nbsp;<\/p>\n\n\n\n<p>Your lender will want to verify that your funds are liquid, meaning they\u2019ll be readily available to use for payment. Liquid sources of funds include a savings account, checking account, or a money market fund. Lenders generally frown upon using retirement assets, as these funds are not easily liquidated.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prepaid_expenses\"><\/span>Prepaid expenses&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>One of the most confusing charges for new homeowners are prepaid expenses. Lenders will usually put a month\u2019s worth of your real estate taxes and homeowner\u2019s insurance in escrow for up to a year. In order for them to do so, they need to collect the amount up front, ensuring that you\u2019ll be able to make the payments when they\u2019re due each month.&nbsp;<\/p>\n\n\n\n<p>These expenses vary depending on where you live and how frequently real estate taxes are collected. If your real estate taxes come out to $300 per month, and the lender requires a six month escrow, then you\u2019ll need to pay $1800 up front to fund your real estate tax prepaid expense. That same logic can be applied to homeowner&#8217;s insurance.&nbsp;<\/p>\n\n\n\n<p>Depending on where you live, prepaid expenses can come out to as much as 2% of your total loan amount. So if you\u2019re putting a down payment of 20% on a $400,000 home, 2% of your $320,000 loan will be $6,400.&nbsp;<\/p>\n\n\n\n<p>Keep in mind, however, that it could amount to less. You may even be able to negotiate for the prepaid expenses to be paid for by the seller at closing. You also have the option of declining the escrow arrangement by the lender, which would require you to meet the 20% down payment in full.&nbsp;&nbsp;<\/p>\n\n\n\n<p>This is yet another reason it\u2019s recommended you place a down payment of 20% on your home. This way, more of the money you\u2019re allocating to your home up front is going towards the principal, instead of associated fees.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Utility_adjustments\"><\/span>Utility adjustments<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>These expenses are incurred by the seller prior to the sale. Upon closing, the seller will require reimbursement for any utilities that have been prepaid such as water, sewer, and trash removal expenses. Utility adjustments are typically small in comparison to the other expenses mentioned above.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Moving_costs\"><\/span>Moving costs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Last but not least, moving costs should be taken into account. If you\u2019re moving from a studio apartment into a 4 bedroom home, you\u2019ll need to purchase new furniture and allocate some cash to either hiring a moving company or renting a moving truck. There\u2019s a few different ways to complete a move, so moving costs can range anywhere from a few hundred to a few thousand dollars.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Assessing_your_savings\"><\/span>Assessing your savings<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>To become a homeowner, you\u2019ll need to have a good amount of cash saved up to afford a home. We\u2019ve already identified what you\u2019ll need cash for, so now it\u2019s time to come up with a savings plan to grow your cash reserves.&nbsp;<\/p>\n\n\n\n<p><strong>Pro tip<\/strong>: Open up a high-yield savings account, exclusively for your home fund.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Short-term savings<\/h4>\n\n\n\n<p>If you\u2019re looking to purchase a home relatively soon, you\u2019ll want to start putting away 25% of your net income every month. If you make an average of $7500 in net income on a monthly basis, putting aside $1875 every 1st of the month is a good start. In two years you\u2019ll have $45,000 saved up. When combined with a partner\u2019s savings of equal value, you could have $90,000 to put towards a sizable down payment, closing costs, and other home-related expenses.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Longer-Term Strategies<\/h4>\n\n\n\n<p>$7500 per month is a healthy income. Unfortunately, not all Americans earn that much. The median household income in the US in 2020 was $67,521, according to <a href=\"https:\/\/www.statista.com\/statistics\/200838\/median-household-income-in-the-united-states\/\">Statista<\/a>. This amounts to a monthly income of $5,626.75 before taxes.&nbsp;<\/p>\n\n\n\n<p>In this case, saving 25% of your income might not be possible\u2014but saving 10% probably is. By putting away less every month, you\u2019ll be delaying your closing date. However, you would also be more in control of when and where you\u2019d like to purchase your first home.&nbsp;<\/p>\n\n\n\n<p>The real estate market is constantly changing. Home prices are on the rise, but changes in interest rates and inventory will likely slow the trend in the future.&nbsp; When this happens, it\u2019s considered a buyer\u2019s market and you\u2019ll most likely be able to negotiate a better price on your new home.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Examine your other financial goals<\/h4>\n\n\n\n<p>Although buying a home is a major milestone, it\u2019s certainly not the only one that requires financial discipline. If you intend on going back to school or starting a family in the near future, make sure you\u2019re saving towards those goals, as well.&nbsp;<\/p>\n\n\n\n<p>However, if purchasing a home is your primary financial goal at the moment, ask yourself the following questions:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Do I have an emergency fund that can hold me over at least three months?<\/li><li>Do I have any outstanding credit card or high-interest debt to pay off?<\/li><li>Am I contributing to my retirement account each month?<\/li><\/ul>\n\n\n\n<p>If you answer no to any of the questions above, you\u2019re probably not financially ready to take on a mortgage payment just yet.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Rethink your mortgage payments&nbsp;<\/h4>\n\n\n\n<p>The mortgage you qualify for may not be the mortgage you can afford. A mortgage underwriter will approve you for a loan amount that is based on your gross monthly income. This means that they won\u2019t be taking into account the money you pay towards taxes, 401(k) contributions, insurance premiums, or remittances for family abroad. They most certainly won\u2019t be taking into account your lifestyle expenses, either.&nbsp;<\/p>\n\n\n\n<p>So, it\u2019s up to you to realistically assess what you can and can&#8217;t afford as a new homeowner. For most Americans, buying a home comes with a necessary reduction in other monthly expenses. Whether that requires eating out less, cutting back on memberships, or forgoing a trip at the end of the year, is ultimately up to you.&nbsp;<\/p>\n\n\n<figure class=\"wp-block-unsplash-image wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"5195\" data-permalink=\"https:\/\/flyhomes.com\/blog\/credit-score\/nptbvokkom8\/\" data-orig-file=\"https:\/\/images.unsplash.com\/photo-1560520653-9e0e4c89eb11?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjE1MjI0NX0&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=2560&amp;h=1922\" data-orig-size=\"2560,1922\" data-comments-opened=\"0\" data-image-meta=\"{&quot;credit&quot;:&quot;Tierra Mallorca&quot;,&quot;caption&quot;:&quot;white and red wooden house beside grey framed magnifying glass&quot;,&quot;created_timestamp&quot;:&quot;2019-06-14T09:58:01-04:00&quot;,&quot;copyright&quot;:&quot;Tierra Mallorca&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;white and red wooden house beside grey framed magnifying glass&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"\" data-image-description=\"&lt;p&gt;white and red wooden house beside grey framed magnifying glass&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Photo by &lt;a href=&quot;https:\/\/unsplash.com\/@tierramallorca&quot; rel=&quot;nofollow&quot;&gt;Tierra Mallorca&lt;\/a&gt; on &lt;a href=&quot;https:\/\/unsplash.com\/?utm_source=the-living-room&#038;utm_medium=referral&quot; rel=&quot;nofollow&quot;&gt;Unsplash&lt;\/a&gt; &lt;\/p&gt;\n\" data-medium-file=\"https:\/\/images.unsplash.com\/photo-1560520653-9e0e4c89eb11?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjE1MjI0NX0&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=300&amp;h=225\" data-large-file=\"https:\/\/images.unsplash.com\/photo-1560520653-9e0e4c89eb11?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjE1MjI0NX0&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1024&amp;h=769\" src=\"https:\/\/images.unsplash.com\/photo-1560520653-9e0e4c89eb11?ixlib=rb-1.2.1&#038;ixid=eyJhcHBfaWQiOjE1MjI0NX0&#038;fm=jpg&#038;q=85&#038;fit=crop&#038;w=1024&#038;h=769\" alt=\"white and red wooden house beside grey framed magnifying glass\" class=\"wp-image-5195\" width=\"1024\" height=\"769\" title=\"\" srcset=\"https:\/\/images.unsplash.com\/photo-1560520653-9e0e4c89eb11?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjE1MjI0NX0&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=300&amp;h=225 300w, https:\/\/images.unsplash.com\/photo-1560520653-9e0e4c89eb11?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjE1MjI0NX0&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1024&amp;h=768 1024w, https:\/\/images.unsplash.com\/photo-1560520653-9e0e4c89eb11?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjE1MjI0NX0&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=150&amp;h=112 150w, https:\/\/images.unsplash.com\/photo-1560520653-9e0e4c89eb11?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjE1MjI0NX0&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=768&amp;h=576 768w, https:\/\/images.unsplash.com\/photo-1560520653-9e0e4c89eb11?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjE1MjI0NX0&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=1536&amp;h=1153 1536w, https:\/\/images.unsplash.com\/photo-1560520653-9e0e4c89eb11?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjE1MjI0NX0&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=2048&amp;h=1537 2048w, https:\/\/images.unsplash.com\/photo-1560520653-9e0e4c89eb11?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjE1MjI0NX0&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=610&amp;h=457 610w, https:\/\/images.unsplash.com\/photo-1560520653-9e0e4c89eb11?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjE1MjI0NX0&amp;fm=jpg&amp;q=85&amp;fit=crop&amp;w=333&amp;h=250 333w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Your down payment will be the largest upfront cost of buying a home but there are other expenses to prepare for as well<\/figcaption><\/figure>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buying_alternatives_for_first-timers\"><\/span>Buying alternatives for first-timers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If saving up for a home seems like too big of an undertaking, but you still want to become a homeowner, there are assistance programs that can help you achieve that dream. Starting off the homeownership journey with one of these government-insured programs can dramatically reduce the need to save large sums of cash.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">FHA Loan<\/h4>\n\n\n\n<p>The Federal Housing Administration provides home loans to qualifiedying buyers who can\u2019t afford a 20% down payment. Under an FHA loan, borrowers are expected to make a down payment of only 3.5% at a 4.25% interest rate.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">VA and USDA Loans:<\/h4>\n\n\n\n<p>The Veterans Administration and the Department of Agriculture offer a 0% down -payment housing loan for active members of the military, designated veterans, and qualifying residents of rural areas. These loans are mortgage-insurance free as well. Under these circumstances, buyers could potentially walk into a new home having to pay only the closing costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Wrapping_Up\"><\/span>Wrapping Up<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Purchasing a home can seem like a daunting task. However, millions of Americans have been able to become homeowners for the first-time, so don\u2019t doubt your ability to do the same. Keep in mind that the most important thing to do is <strong>save<\/strong>. Ideally you\u2019ll have all of the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Down payment of 20%<\/li><li>Closing costs funds amounting to 2-3% of home value<\/li><li>Cash reserve covering at least two months of mortgage payments.&nbsp;<\/li><\/ul>\n\n\n\n<p>Once you\u2019ve identified a price range for the home you\u2019d like to purchase, it\u2019d be wise to open up savings accounts for each of the above mentioned expenses. In this way, you\u2019ll be able to clearly see whether or not you\u2019re hitting your targets.&nbsp;<\/p>\n\n\n\n<p><strong>About the author<\/strong>:&nbsp;<a href=\"https:\/\/www.linkedin.com\/in\/viviantejada\/\" target=\"_blank\" rel=\"noreferrer noopener\">Vivian Tejada<\/a> is a freelance writer and small business strategist based out of Providence, RI. She specializes in writing SEO blogs, property descriptions and website content for real estate companies. She\u2019s also an avid traveler, location-independent and enjoys trying out new restaurants.<\/p>\n\n\n\n<input type=\"hidden\" id=\"calendly_utm_post_id\" value=\"8885\" \/><input type=\"hidden\" id=\"calendly_utm_post_title\" value=\"How much money do you really need to buy a house?\" \/>","protected":false},"excerpt":{"rendered":"<p>It\u2019s hard to know what goes into purchasing a house\u2014specifically, how much money it really takes. In this article, you\u2019ll discover exactly how much money you need to become a homeowner.<\/p>\n","protected":false},"author":148668397,"featured_media":8888,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[655423254,655423395],"tags":[],"class_list":["post-8885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-guides-buying-a-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How much money do you really need to buy a house? - Blog<\/title>\n<meta name=\"description\" content=\"It\u2019s hard to know what goes into purchasing a house. 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