About how much should I have saved for down pymt on first house?

Using the top end, for an FHA loan (which has the lowest down payment), you will have to save $4,900 for the down payment alone. You will also need to save between $4,200 and $7,000 for the closing costs (3 to 5% is normal). So, a minimum of $9,100 and possibly closer to $11,900. You will receive a Good Faith Estimate when you are in the actual application process which will give a closer figure for the closing costs.

You pay for the house by sending a check each month. Now, if you want to know how much the payments are, there are a multitude of mortgage payment calculators on the web - I use the one at bankrate.com Just remember that the mortgage calculators only figure Principal and Interest, you will still need to add in taxes, homeowners insurance and if you go with a less than 20% down payment, PMI. This can add $200 or more to the payment.

Bankrate.com also has mortgage affordability calculators that you may want to check out.

minimum down payment is 3.5% for an FHA insured note. Now with that having been said I always recommend an emergency fund of at least 6 months total living expenses as well. Why? with ownership comes up keep and some always unexpected items. The water heater blows or the HVAC unit needs to be replaced. While some are just a few hundred to do some run into the thousands to fix. My last roof cost $10,000 to replace. OUCH! Be prepared to live in your home and have these funds sitting some where so you can live and not stress out. When dipped into replace as soon as you can.
I am a mortgage banker in TN

If your a 1st time home buyer with decent credit, then you can go through FHA, you need 3percent down, plus there are some other expenses, like inspections, credit checks, & closing costs. I would say have at Least 7,500 for a 140,000 house. Of course, if you have it, 20% down will save you the PMI, But Don't worry about the PMI (mortgage Insurance), it's now tax deductible, and you don't need 30,000 to get into your own home. Good Luck! Call a good company, there maybe grant money available. Try bankrate.com, you can put in the amount of the house, percent rate and down payment, and it will tell you your monthly mortgage.

You need 20% down (Canada - 25% minimum down, always has been, and that's why Canadian banks are in good shape and there are few defaults & foreclosures). Plus you need all closing costs (mortgage application fees, survey, appraisal, title search & title insurance, homeowners insurance premium for 1st full year, attorney fees, etc) in cash -- plan on at least $5000. Plus you need reserves of at least 3 months expenses in savings. You'd better have more reserves: something always needs to be done with a new house & you will find you need money for moving costs, plus for something-or-other the moment you move in!

While Fannie & Freddie supposedly have lower downs, we are not seeing anything go to closing and actually get funded with less than 20% down. You do not want to get to closing and not have the cash show up at closing. You get stuck paying penalties for each day of delay, and will likely lose the deal entirely. The more cash you have, the better off you are. Aim to have at least $40k on a $140k house.

20% of sale price if you want to avoid paying PMI insurance and generally be more assured that you will be the mortgage.

So for 130k-140k, you want to save 26k - 28k.

As a first time home buyer you can get an FHA loan with 3.5% down payment. This can be gift money from a family member. Right now there is a first time home buyers credit of 10% of purchase price up to $8,000 credit. This does not have to be paid back. This credit at this time can be used for you closing cost or to be put down as additional money on the loan to lower your payments or can be used to buy your interest rate down. Before using this money to buy your rate down find out what the lender is going to charge you and what interest rate you are going to have. That way you can see where your cost savings are.

For my opinion -
It is better to go to your bank and ask for a real and quick answer.
And most of them have mortgage calculator on their web site.

Good Luck