What are the general guidelines to purchasing a house? ... - Zillow ...

The answers to your questions cover a broad spectrum, and are greatly influenced by your personal goals and "comfort level" with financial stress.

The down payment can be as little as 0% (with VA or some other specialized?loan programs), 3.5% with other programs, or as high as you are comfortable with (although 20% is a number that gets tossed around).

Personally, I've always tried to put 20%-or-more down. This gives you some equity in the house at the time of purchase, and may be helpful in today's market if you have to sell and the house has lost some value. It also tends to force you into a more conservative financial plan for the house purchase - which I am an advocate of.

As for "bank account", you want enough to "feel comfortable" after the purchase. For me, it is 6-12 months of total expenses in cash reserves. Others seem to be willing to work with smaller cushions, but that financial lifestyle is too stressful for me.

The real question is "what is your financial plan, and where does a house purchase fit into that plan?" My opinion is that too many people start with "let's buy a house" and then try to feed that monster after-the-fact. There are more things in life than house ownership.?In the end, you want to own a house, not have the house own you.

Source: http://www.zillow.com/advice-thread/What-are-the-general-guidelines-to-purchasing-a-house-How-much-down-How-much-in-bank-account-etc/470817/

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