First time home buyers?

Question

My fiancé and I want to buy a home but I’m scared to start looking because of our income. We both have lower end paying jobs but both have 5k each saved up for a down payment. We each make about 26.5k a year together that would be 53,000. Do you think buying a house is realistic?

Answer

Your best bet is to talk to a mortgage lender and get a better idea from them

Answer

Depends on the rest of your budget/credit and the price of your area.
Honestly, if you dont put down at least 20% down you're looking at having to pay mortgage insurance on top of your mortgage, Home owners insurance, HOA dues, and property taxes. $10k is 20% of about 50,000. In many parts of the country that won't buy much of a home so you will need to take a step back and see what prices in your area are like.
I strongly recommend looking into Dave Ramsey's system.  He has a babystep system that can help you prepare for home buying and just getting your fincances in order for long term, in general.
In most places in the USA 50k a year is enough to buy a reasonable home PROVIDED you do it SMART- meaning having a proper down payment (20% of the asking price), a proper emergency fund in place, and having any debt as well as your budget under strict control.

Answer

Rob 👏🏾 A 👏🏾 Bank 👏🏾

Answer

Talk to someone in the field. It's not recommended for your mortgage to be more then 25% of your pay monthly. If your not living together and renting I'd recommend doing that first and rent for what your mortgage would be so you can see if its possible or not. It's better to find out it's to much now then later. I know here in San Diego itd be super hard to buy even a 1bd condo at your income, but if your somewhere a lot cheaper it could be possible.

Answer

Yes. Im in NJ and me and my husband make like 2,000 a yesr more than you guys and we got approved for 150,000 and we only had 5,000 for downpayment as well. Look into downpayment assistance programs!

Answer

It totally depends on your area. There’s not anything for that price anywhere near me, but that doesn’t make it completely out of the question. Don’t make the mistake so many young people make and buy more house than you can really afford. Your monthly payment should be no more than 25% of your take home pay or you’ll end up being house poor very quickly.

Answer

I think you can buy a house, especially if you have good credit and depending on where you live. For example if you live in LA, it could be hard to impossible but if you live in the Midwest or south, it’ll be easier. Anyway stop sweating because even once you start looking it may take years to find the right house. It took two and a half years from when I started looking to buy to when I actually found a house to buy. The bright side is that you’ll have all the financial stuff out of the way and know your price limit/range. Relax girl. Enjoy this time of family planning. Give yourself the time. Good credit makes all the difference.

First time home buyers?

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