Home Buying Myth Busted: Savings Requirement Explained

You don’t need a three to six month savings when you’re buying a home. A common misconception is that buyers are told that they need at least three to six months of savings of their cost of living as saved in case of emergencies. What they don’t tell you, let’s say your closing is the beginning of September, your first mortgage payment is not due until November. So you already have two months of savings. So that could be just a scare tactic. and not something you need to hold back from buying a home.