How do you own a house?

Question

How do you rent or own a house? How do you afford a house if you are a single person?

Answer

I got my first apartment on my own at 20. Lived there and saved just about all of my extra money for 3 years. I set a goal and worked towards it. At 24 I bought my house. My now husband and I went through the process together in a sense, but the house and mortgage is solely in my name and I paid the down payment. I qualified for a few grants and better rates being a first time homebuyer. one paid $6000 towards the down payment if I attended a 3 day seminar about homeownership and the other paid 10% of the total home price. I also got 1% off our rate by being a first time buyer. However this was in 2016 and my house was dirt cheap in comparison to what they’re selling for now. It was $190k. We actually just tried to sell and we’re going to list the house for $345k. but then realized we couldn’t afford a bigger place even with putting over $100k down. Interest rates are just too crazy right now. 
If it’s something you are really interested in pursuing, reach out to a mortgage broker and/or a realtor and see what they can offer you.

Answer

Are you wanting to buy a home what are you trying to accomplish I own my home best decision I could have made I wish I had brought sooner.

Answer

I purchased my first house at 21. I started with credit at 18 with my cell phone that I had to pay 500 for a deposit and a secured credit card. I worked and saved. I started working since I was 8 as a mothers helper then babysitter until I was 18. I always had money saved. Worked at Sams club, Kohls, worked on the books for verification of employment etc always been self employed since I was 16. Started a business from home with my mom in 1995 translation services in 2004 we got the office and expanded the business. My first car was a used one. I got at 21’after my house purchase, my first financed car for 12k. My 2nd and 3 house 22 years ago and my 2nd was a flipped property. First is credit they prefer 680 and above however some mortgage brokers can work with 640. Realtor to find a place and do the contract. Lawyer for the closing. If you have good credit you can get away with 3.5% down payment or put 20% down not to pay mortgage insurance. You need closing costs 6k and up depending on the cost of the property. 300-500 each for inspection and appraisal. Gifts can be given but have to come from bank accounts that have been in for at least 3 months with bank statements. They verify employment up to the day of closing using services like the work number website which they charge you for as well. I forgot how much that one is. Once you start the process don’t touch your credit cards or change hours or employment. And your homeowners policy. You pay the first year then it gets added to your mortgage with the property taxes. Can take 1-3 months unless there’s complications. Underwriting can be a pain. Aside from that. It’s not too bad. The process. You can pay points to lessen the interest rate. And a 13th yearly principal only payment to lessen the loan 7 years over the life of the loan.

Answer

I had an apartment (sometimes solo sometimes roommates) for the first few years after college. I had a big kid job, but I didn’t have the savings (or skillset) to own a house. My husband bought our current home on his own. He didn’t make a lot of money (36K or so) but he didn’t spend much and it was 2014 when homes were more affordable. 
He didn’t over extend himself, which is what a lot of people do. Just because the bank approves you for X amount doesn’t mean that’s the loan you should take out. He bought our home for $119K. Because the mortgage payments were affordable and his income has gradually increased, he has able to pay more than the minimum and make some progress on the principal. 
We’re looking at building now on land we own, but the market is certainly not what it was when we bought this home! Part of me wants to just stay here (even though it’s far from our dream home) simply because it’s well within our financial means.

Answer

Rented from the age of 18-26 I worked from the age of 16-23 in the same job. I lived as a single person on my own in a 2 bed top floor apartment block from the age of 18-22. You just have to know how to budget your money on rent,electricity, heating, internet, tv, phone and make food plan for the week. My partner moved in with me at the age of 22 (he don’t work he is on disability so he would pay some money towards bills not rent). 
I left the job I was in for many reasons went on a year break from work still managed to live in the same apartment with a budget I went back to education for 2 years and got the job I’m in now the age of 25. 25 years of age my landlord decided she wanted to sell the apartment so me and my fiancé moved in with my parents till we found out forever home. 26 and years of age we both saved our arses off got our forever home (under a scheme for low income working people so it wasn’t full price to buy the 3bed 3 bathroom house in a housing estate but still had to pay a lot and mortgage for 10 years you still deal with the local council) now 32 years of age and pregnant with our first baby so glad we got our forever home. Really is all about being able to budget and plan your money. I was still able to go on holidays, go out, have a life and save for everything.

Answer

You work enough and make enough to afford it. I was 19 when I got my first apartment alone. I didn't make too much but enough to pay the bills. I had to learn to change my spending ways though. Couldn't go out and just blow money.

How do you own a house?

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