First of all, congrats on considering buying a home! It's a opportune time to look into making a great financial investment...your very own house! Rates are low, and houses are plentiful...you just need to have patience and persevere until you find the right one.
How much money you should have saved depends on what type of financing you are looking at. FHA requires 3.5% down, whereas with a conventional mortgage 20% is preferred; if you don't have 20% to put down on a conventional mortgage, you will end up paying PMI (Private Mortgage Insurance) until you have 20% equity in the home. Closing costs will add another $2000 to $3000, plus the additional cost of a home inspection ($300 to $400). A good mortgage lender can help you make sense of this whole process!!
Good luck...please contact me if I can be of help in finding your perfect first new home!!
Kris at First Weber Group Realtors