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How much should I have in savings before buying a home?

I am 23 about to start my savings for home purchase. I currently owe 80k in student loans and I am making 40k but that will change after graduation in May and I am also planning to work a second job after grad boosting my income to low to mid 80s. I intend to pay aggressively on my student loans for at least a year but wanted to know what should I also be trying to put away to purchase around a 160k home? Thanks

Asked By: risingstorm1914 - 10/17/2008
Best Answer - Chosen by Asker
Depends on your interest rate whether you should pay too aggressively on student loans. Of course all that indebtedness does drag down your chances of getting a good mortgage. Avoid creating any more debt... More
Answered By: chatsplas - 10/17/2008
Additional Answers (3)
Not including your deposit and down payment for the home, you would ideally have 6-12 months of mortgage payments in your savings account. 6 months is ok, 12 months is better. So, if you bought a home for 160,000 and were paying 6.0 percent interest with 20% down on a 30 year, your monthly payments would be $767.42... More
Answered By: Druantia - 10/17/2008
 
i spent about 10k in fees, and inspections and closing cost when i purchased my home for 360k .. if yours w/be about 160 i would try to have at least 5k save up to start.
Answered By: taf187 - 10/17/2008
 
It would be wise to pay your student debt down to at least 20k. You don't want to acquire more debt (mortgage, home maintenance) unless you were planning to pay for the home in entirety. If your home purchase is around 160k (mortgaged) you should save at least $750 monthly for a year so you can have a nice down payment... More
Answered By: bestlggs - 10/17/2008
 
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