All Forum Posts by: Joe OMaley

@Charles Carillo

Agreed, but I do need a down payment at some point, right? What’s a reasonable down payment to have for a first time homebuyer? Is there a certain threshold I should hit of debt eliminated before starting to save for a down payment?

I’m new to this whole site. I am currently living rent free, but need to move out at some point in the near future (no specific timeline yet, but in the next 2 years). Trying to figure out if it makes more sense to save up a larger down payment on a house or pay off school loans faster.

I owe 50k in school loans and pay $500 a month on them. They’re federal loans, so I’m not too worried about the interest rate. I want to buy a home around $150k, and currently have nothing saved for the down payment.

Saving up for a home would require me to not pay extra on my school loans. I can save a maximum of $1,000 a month to either put towards a house or the school loans.

Is there a certain amount that you would recommend for a first home down payment?

Just looking for advice on how to proceed.