How to Buy a House?

Question

Not necessarily relationship advice, but my boyfriend and I are trying to figure out logistics for saving for a house? Or just basic information? We would love to own a house within the next five years and I’m just trying to figure out how to make it possible so if you lovely people could please help I would greatly appreciate it!

Answer

Google is a lovely tool for things like this. 
The standard for buying a home (without FHA loan) is to have a 20% down payment, and to not buy a house that exceeds (I believe) 25% of your monthly gross income

Answer

Make sure you have exceptional credit. You don’t need 20%, but that will keep you from having to pay mortgage insurance. I have a conventional loan (2nd time homeowner) and was able to buy w 5%. Save your money and pay off any debt, between that and great credit....it’ll put you in a good spot. Then call a mortgage broker. They can tell you how much house you can afford and give you a very good idea what you’ll be paying each much. Monthly payment is going to also include PMI (if you don’t put down 20%), property tax, homeowner’s insurance, and interest.

Answer

You don’t always need 20%. Google first time home buyer “enter your state” or country if you’re outside the US.
My state has loans that allow 3-5% down and you probably have to get PMI (private mortgage insurance) on top of that since it’s less than 20%, but it’s far more accessible if homes are expensive in your area

Answer

Save up as much money as you can. Depending on your income, the area you buy in, price, of house, and loan type the down payment amount can vary. A conventional loan you need 20% saved up for a down payment. It would also be a good idea to have extra money beyond that saved. Think about your budget and set up a savings plan to reach your goal and treat it like a bill. When you’re about ready to buy reach out to a good real estate agen & loan officer to help you with the process.

Answer

talk to a mortgage loan officer to see what type of loans you might qualify for.  we used a usda loan which doeant require anything down but only qualifies for "rural" properties ( we live about 15miles outside a city). it depends on what you want, you may be capable of buying now!

How to Buy a House?

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