How did you get the downpayment to buy a house?

Question

I recently got approved for a mortgage loan, and I've been looking at houses online. My fiance and I are bad at saving money. Our appartment is so shitty, and I can't wait to buy a house. We hardly have anything saved he just got a big check and was supposed to use some of it towards the downpayment but that didn't happen😑 He doesn't seem to care either way, but moving is my main priority and it's hard saving just from my income. Any tips on saving money? We honestly need to move asap! There's cracks in the doors and windows where we are staying because it's old, and there's mold in the bathroom😬 I can't wait to get out of here.

Answer

If you struggle now and can't save money then you're in absolutely no position to buy a house. 
Owning a home comes with a lot of responsibility. What happens when your furnace goes? Or the roof needs to be replaced? Get your finances figured out before you take that leap.

Answer

A budget that you STRICTLY stick to will help. Just sit down and look at all emonthly bills you have versus your income and put away at least 50% of the excess.

Answer

You have to pretend whatever money you do save doesn’t exist. Sounds funny but that’s how I look at money that we save. We put it away and forget about it. If you don’t... you’ll likely spend it.

Answer

If you don’t have money for a down payment, moving costs, groceries and bills for the first two-four months, you don’t have enough to buy a house. Sounds like you’ll need at least another 6+ months until you move

Answer

There are programs out there that can help you with your down payment. You have to qualify based off your credit score and yearly income. You also need to create a budget and  stick to it. We are in the process of buying a home and we have been working overtime whenever we can. We pay all the bills, set aside $75 from each check to take the kids out on the weekends, and the rest goes into savings. It can be done you just have to really stick to it knowing it's worth it in the end.

Answer

I would wait until u have a down payment to start applying for loans .. that’s kind of backwards

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You can get an fha loan for about 3% down (plus you need $$for closing costs) and 609 credit score or more. So my advice to you would be save save save. Put $100 bucks away every month. Get a credit card with a low limit and build you credit over the next 2 years. When you’re ready talk to a mortgage lender and tell them what you can afford every month. Do not get a house that is out of your monthly limit just because you are Pre approved for x amount of dollars. Also pay off any debt or school loans now before you try to get pre approved because during the loan process they do factor in your debt to income ratio. You can be preapproved, find your dream home, then be denied the loan because your debt to income ratio. Buying a house is not for the faint of heart, especially if tour doing it on the own. But if I can do it so can you ( I also had a bankruptcy on my record)

Answer

We had a loan with 0 down.

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Alot of ours were loans from family, some of it came from our savings. We also went with an FHA loan which accepted a significantly smaller down payment.

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I have investment assets leftover from what I didn’t use for college or grad school. Our issue is having enough money for mortgage payments and other homeowner expenses. Regarding your situation though, you and partner need to get on the same page and both contribute or you’re setting yourself up for major relationship strife, resentment, and ownership questions further down the road.

How did you get the downpayment to buy a house?

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