Whats the best way to save up for buying a house?

Learn the difference between want and need. In today's world, at least in the U.S., most people don't know the difference. Don't spend your money on things you don't need. DO NOT get an interest only, or variable rate mortgage. As they reset, tens of thousands of people are about to loose their homes for doing this. Make sure you can afford the payments WITHOUT using creative financing to get your foot in the door. The larger percentage you put down, the lower your monthly payments.

Open a savings account and if where you work has 401K, start a minimum investment into that. Set yourself a maximum to put into savings, even if it's a week where you can't really afford it, have it deducted from your check automatically, and write it off off your budget as a regular bill or as if you were paying for another car. The more you save, the less your payments will be once you purchase, so don't get discouraged if it takes you a while to save it up. I would suggest at least 1/3 of the cash price of the house down or more if you can swing it and remember that once you start this account, that this money doesn't exist. If you have any financial burdons, deal with them as best you can and don't touch that savings. This day and time, it's the only way to make it and once you buy the home, you may have to cut back on the amount you are putting into savings, but continue putting money into it and the 401K. You won't be sorry you did later on when retirement time comes along. You could also put some of the savings once you reach $2,000.00 into an IRA with your bank. IRA's have higher interest rates and as long as the money remains in the IRA account the government can't tax you on the money, but there is one drawback to an IRA. If you go to pull the any of the cash out before 7 years, the government taxes you on it, so as far as IRA's are concerned, this would be money that you would be keeping for retirement as opposed to going towards a house. Good luck.

Having a down payment will help you get a better interest rate on your mortgage, but it's not required to buy a house. The worst mistake you could do (aside from taking a "hot stock tip" from a stranger) is to chase after the next booming market. Just decide where you want to live and find yourself a compitent and experienced Realtor. They will guide you to the lenders that still offer 100% financing programs. They will write up an offer that has the seller's paying the closing costs. I am not yet 30 years old and will be buying my 3rd house shortly and have never paid closing costs and never had a down payment. My next house will have a 30 yr fixed rate below 6% APR. It can all be done with a good credit score and a smart Realtor.

First time home buyers often don't need any money down, maybe just closing costs. There are dozens of programs to help first time home buyers, many are local. Real estate sales are down and lenders are competing for business. It's a buyer's market right now.

Go talk to a loan officer or two, and see what they say. Tell them you would like to get pre-approved for a loan to buy a home. They will tell you what you are qualified for and how much the down payment would be. It varies everywhere so shop around. You are paying rent anyway, why not build equity?

Generally lenders want your total monthly housing costs (principle, insurance, taxes, interest) to be approximately 36% of your gross (pre-tax) income or less. This may vary, some lenders have strict guidlines and others may allow up to 45% possibly more.

If you need a down payment and want to save, CD's are a good option. They pay decent interest and don't tie your money up for a long time. Rate riser CD's are good if you don't know when you will need the money. It gives you the option to cash out or let the interest grow in regularly scheduled intervals. Good luck.

Depending on where you live, there are markets in the U.S. where you need very little down to buy a house - in some cases, you need nothing to buy a new home! I purchased my home in the Phoenix area 3 years ago, and for $2K down. Las Vegas and Phoenix are the best housing markets, as far as pricing and employment goes.

Don't use credit cards. Save what money you can (can you work part time or from home?). Eat at home. Good luck to the both of you!

It will take a while but u can put like 10% away each pay chech till u guys are ready to pay a home..

and as for the down payment u need 20% = 30,000

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