Bought New Build, 8 months until Close

[Connor Ong]

Hey BP, 

I'm out in Chandler, AZ (a city just outside of Phoenix, AZ) and I'm under contract for a new build townhome. I paid my deposit and locked in my price back in February of this year. The estimated completion date is January-February 2022 for my home, which means that my down payment won't be due until around November 2021. And I plan on house hacking once it is completed!

I've got a few questions about what y'all think would be the best ways of investing in the time until my house is completed, and/or what strategies you think I could/should pursue while I'm waiting for my home to be completed. I currently have 5% saved and will be going with a conventional loan for my home. 

1. Save more money for a larger down payment? Realistically, after my normal monthly expenses, I'd have around another $22k saved up by the time my down payment is due. 

2. Pay off student loans? I recently graduated grad school and have a good amount of student loans (~$100k). My monthly payments are only around $450/month, but they're not being collected or earning interest right now because of COVID. I could pay off some of them with the amount saved up from above, which would help my debt/income ratio. 

3. Stocks/other investments/savings? I've thought about putting my extra earnings into a high yield savings account, but the rates are all around 0.5% instead of their normal 1-2% because of COVID. I've also thought about maybe saving the money for another down payment if another deal appears in the time before my down payment is due. 

I know there's not any ONE answer, but any ideas/suggestions/recommendations would be appreciated! Thanks BP! :)