How to buy a house or rent ? What do u need before ?

Question

So i am tired of living in an apartment.. i live in calfornia the expensive state ever!!!  What do i need and how much money saved to buy or rent a house if its 250k or lower and around 1,500 - 2,500  is what im looking for. Im new to this adult life buying houses so idk what i need .. 😢😭 and how many jobs lol its just me and my 2 kids

Answer

honestly you should work with a real estate agent. i’m an agent in CT but i lived in the bay area for over 15 years & i gotta say that 250k isn’t super realistic for most parts of CA. it’ll be doable somewhere but you may have to move to another part of the state, not get a traditional house (modular/mobile homes, for example) or be willing to get a fixer-upper (and have money/time to be able to do the work). an agent can help you find stuff and is also especially important for negotiating and paperwork. it’s super daunting but if you’re serious you should definitely contact a brokerage for assistance.

Answer

Well buying and renting are 2 totally different things. Renting a house is very similar to renting an apartment. You simply need to shop around for housing rentals in your area and see if their rent amount is affordable for you, then you need 1st/last and maybe security deposit just like an apartment. To buy a house youll need a down payment. They have online calculators to show you what the down payment would be (youd likely go for an FHA loan) and what the mortgage and tax estimated payment would be. They also look at your credit score and debt compared to your income and will want to see bank statements because if you have a lot of debt or high car payments then you have less money available monthly toward the mortgage even if your income is good, so if your credit needs work (you can go to a website like experian to check yours) then you may want to work on that for a few months first. We found a reputable mortgage broker who walked us through the mortgage process. We turned in our papers quickly and got a preapproval within a few days (that means they look at your credit, debt, and income and tell you your maximum loan amount....but as a caution I would NEVER buy at the top of your limit because they tend to overestimate what you can actually afford comfortably). If you have friends or family who bought a house, ask who they used.  Also take a peek at realtor.com to see what things are selling for in your area....in my area 250k wouldnt be doable to buy a house or even a condo. But every area is different.

How to buy a house or rent ? What do u need before ?

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