Two Cents

1) When buying a home I’d think about timing; if you’re both still in school chances are you’re not going to be able to save so much, even cutting back on as much as you can. You’ll need to graduate, and get boosted, full time incomes, before you can really buckle down and squirrel away amounts that make a dent. If you’re currently renting, your mortgage payment shouldn’t be more than what you’d pay for rent; if you’re living with family stay in their good graces while you build a better nest egg.

2) When buying a home as a couple, you do NOT have to be married to be co-owners; however, should you ever split up, you’ll still both be liable for that home. You’ll have to decide to either buy out one person’s share or sell it and split it equally. Not a happy thought maybe but something to consider in the back of your mind (I bought my home with my partner before we got married, and I was scared of committment so planning out an exit strategy made me feel better). Side note, we’d lived together at least three years prior to this purchase - I’d highly suggest living together at least a year before making any big purchases together. Our first year living together was hell (this after nine blissful months of dating). If you can make it through a year, then you might be OK.

3) Depending where you live and the cost of housing, getting pre-approved for a home loan helps a lot and the downpayment may not need to be as much as you think, but should be as much as you can afford. Remember if you’re buying an older home that unforseen repairs can kick in pretty early, and if you’ve thrown all your savings into the house itself you may be stuck borrowing again to cover sudden issues.

4) My father’s one bit of wisdom was always “If you’re in debt, it means at least one person will always want you alive.” You write that you don’t want any loans, but again dumping all you have into one purchase can be risky, since it leaves you vulnerable to other big bills popping up. So long as interest rates are low and you can get a fixed rate mortgage (VERY important - always get fixed) it’s not so bad to take a home loan out, especially as some home loans will have much lower interest than credit cards or other lines of credit. Keeping some cash on hand to cover big surprise bills rather than relying on those higher interest options can be more beneficial than going broke on a home. Debt isn’t a bad thing, it’s just about managing it smartly.

Best of luck!