How did you buy your first house?

Question

My so and I really want to buy a house and I'd like to know how everyone else bought their home!
Did you save money till you could buy it or what did you do in order to buy your home?
Any advice/opinions would be awesome!

Answer

We saved and saved- my salary completely for two years. We were able to pay cash for a nice starter home we will keep and rent out when we find our forever home. My friends did a government loan so paid nothing down and had about $6k in closing costs (house was around $110k). Find out your credit scores, see if they need improvement and how. Figure out what you can afford a month and be sure to factor in taxes and insurance then you can apply for pre-approval. Showing you have pre-approval can really get the ball rolling quicker when you do find the home you want. Get a realtor (they're free to to buyer!!) and try not to fall in love with any one house or be too picky about things you want in it- most things can be renovated and changed easily!

Answer

My husband and I built our first home when we were 21 and 22 years old. My husband saved and paid for almost the whole thing right off. Our house is valued at $485,000.

Answer

I recommend being out of debt first, and have 3 to 6 months of expenses saved up. There are a lot of expenses when you move in and while you own a home. We did a VA loan but still had to put down $1,500 earnest money and pay $500 for inspections.

Answer

Save up a down payment of at least 20% of the purchase price. Also save enough for initial expenses (repairs, furniture, connection/installation fees, etc). Most people will qualify for a loan that is way beyond their financial means, so be careful not to go for a home out of your price range. You don't want to start out "house poor". Best of luck!

Answer

VA home loan.

Answer

Go to your bank and talk to someone in the mortgage department. That was our first step.

Answer

My husband and I built our first home at 19 and 20 years old; we saved for about a year to accumulate a good down payment, which was 20% of the purchase price; we were approved for a 400K mortgage through our bank. We lived very frugally for years to be able to save and build up our credit.

Answer

We had and FHA loan. We moved into a place with a roommate and us with the other bedroom for 1 year. Many did that get us out fast to buy. I'm
A bayarea homeowner so I know all about how hard it can be to be in someone's 'basement' while you safe $20-$150 up. We did this by ourselves. It's a starter home but with in these 2 years we make $170,000 profit. This is the way to go. In our day and age this is our 401k! Good luck. Work hard. Get your credit up. If you have tiny debt don't worry about that. Get in and buy up. 😍

Answer

We did a VA home loan and they set us up with a realator ..

Answer

When my husband and I got
married we combined our
savings and put 50,000 down
we also paid extra every month
and our last payment will be in
August!! If you can, pay extra
every month

How did you buy your first house?

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