How much do I have to save to buy a home?

IT IS UP TO YOU!!

There are many programs out there that offer 100% financing, with no money down. So you can buy a home with no money to put down on the mortgage.

You can put in the purchase offer that you want the seller to waive tax prorations, or to ask for the seller to pay for the closings costs, and escrows, and pre-paids. This can be from 1 -6% of the purchase price. What that means to you is that you could buy a home with no money out of pocket if you put no money down and asked for sellers to pay for the closing costs.

So the bottom line is it is up to you on how much you want to put down and put towards closing costs.

The more you put down the lower your interest rate. Which could mean you could afford a bigger or more expensive home if you put a sizable amount of money down.

Also is you do not ask for the seller to pay your closing costs you could get the home at a lower price. Remember that the seller is taking those closing costs out of his profit. So if he was going to give you $5000 towards closings costs, you may have been able to buy that home for $5000 less.

It is a trade off. If you do not have money saved and want to buy a home it is possible to buy now. If you have money, or getting money soon, or can save money for down payment and closing costs... you can save yourself money on the interest rate and possibly the price of the home.

Are you considering buying a lake home in Waterford but aren't exactly sure which lake fits your lifestyle? Here are Waterford Township Lakes to help you find that perfect lake home.

Moving to or selling your home in Bloomfield can be an exciting time but you might be curious about the other homes in this area click here Bloomfield Township homes for more information.

Blind Lake

Commerce Lake Sales

Tamarack Lake

$725,000

5922 Valley View Drive

Canton, MI

Beds: 4 • Baths: 2 full/1 partial

$775,000

17291 Garden Ridge Lane

Northville Township, MI

Beds: 3 • Baths: 3 full

$899,900

2324 N Duck Lake Road

Highland Township, MI

Beds: 3 • Baths: 2 full/1 partial

$510,000

23460 Coventry Woods Lane

Southfield, MI

Beds: 4 • Baths: 2 full/1 partial

$244,900

0000 Burgess Drive

White Lake Township, MI

Beds: 0 • Baths: 0

Russ Ravary Office: (248) 363-8300 Cell: (248) 310-6239 Email Me

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 03/13/2026. The listing information on this page last changed on 03/13/2026. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Delta Media Group MLS (last updated Fri 03/13/2026 12:19:24 AM EST) or RealComp MLS (last updated Fri 03/13/2026 12:16:05 AM EST). Real estate listings held by brokerage firms other than Russ Ravary may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.
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How much do I have to save to buy a home?

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