Question for home owners in the U.S.?

How much money do you think it's best to have set aside in savings before buying a house? I don't necessarilly mean an actual dollar amount per se, as the actual value of money varies based on location and cost of living. What I mean is, do you think it's a good idea to make sure you have enough in savings to cover a certain number of payments or something like that? My husband is in the Air Force and we're not looking at having to go anywhere in the near future, so we've been looking into buying our first house for quite some time. We can get a VA loan, which will let us buy with no money down and wrap all expenses, including closing costs up into our mortgage, so a down payment is not an issue, and we don't have to make a first payment until a month after closing, so we could be living in the new house for a month before having to make an actual mortgage payment. Being military, my hubby is guaranteed the same paycheck every month and gets a nice tax free housing allowance to boot, so we're guaranteed to have the money to make our payments each month. We've also paid off alot of our debt, all we really have left for debt is two credit card payments. But I still think it would be a good idea to make sure we have savings set aside to use as a buffer in case we need it, especially in the transition period of moving into our new house. We'll need to pay for moving expenses and the like, so I really just don't know how much we should make sure to have saved before we commit. I've never bought a house and I don't much about the miscellaneous expenses in buying one. How much did you have in savings when you bought your first home and how much did you dip into it? If anybody has ever bought a house on a VA loan and knows the special aspects of that, any advice would be appreciated. I just don't want to end up being one of those people who jumps in and buys a house, then realizes they can't really afford it.Question for home owners in the U.S.?
You will need about 20-30% down-- I would suggest about 35-40% for savings for a home (you always want a few new things for a new home)



:)Question for home owners in the U.S.?
My husband and I keep a minimum of 6 months salary for each of us in savings at all times. In case of an emergency (say we BOTH lost our jobs for example), we know we are covered for at least 6 months.
If you are comfortably with your fiances do it. There is no set rule. I am prior Military and deal with Real estate now. My advice is buy a home that you could easily rent out. I have a few friends who have collected a few rental properties over the years buying home where they have been stationed.



Buy a home you could quickly rent out. I have rental properties near a Military installation and I can rent them out in hours to days. They never go unrented. I have two of them and have not paid one red cent for them.



When you buy DO NOT OVER BUY. DO NOT DO expensive upgrades. Buy the home with the intent of renting it out when you leave. If you don't like this idea, DO NOT BUY!.. You many only be there for a few years and depending on the market you may unable to sell and have to rent them out. You need to keep a few months payments in reserve just in case. And there will be maintenance. But the tax benefits are good.



When people don't rent they buy. People are always moving too and away from Military Installation, there is always a market for homes. When you people don't buy they rent, when they don't rent they buy. As you know when you come down on orders you have to move. Air Force is down sizing in some areas so you need to take this into count.



If you do this you can have multiple properties and retire well.
Normally I would say that you should have some liquid money before buying a house, but right now there is a unique opportunity for first time buyers. IF you can close on a house before 1 DEC 09, there is an $8,000 or 10% purchase price, whatever is lower, tax credit that does not have to be repaid for first time buyers. Plus mortgage interests rates are extremely low right now.



If you can afford the monthly payments (along with your other debt payments), know you are staying in the area and want a house, then this is the perfect time to buy. You will be able to build the reserve funds over the next few months that you need, but you won't be able to get the tax credit for much longer.



At the very least, talk to a real estate agent, you should be able to get some free expert advice.



I suggest going for it!

hair extension