If I saved up $5000.00 would that be a good amount to buy a house?

Question

I live in Texas and I wants to buy a house in May preferably build one, could I buy a house with $5000.00 saved up or should I do more...... How could it impact my payments and stuff if it were only $5000.00 or more?

Did I also mention I am a veteran?

When I said I am a veteran, because I can use my VA Loan and as a veteran you don't have to put money down. So before you put an answer down do some research first.

When I said I am a veteran, because I can use my VA Loan and as a veteran you don't have to put money down. So before you put an answer down do some research first.

Answer 1

if you use the Va program it just got raised to $417,000 per home or whatever you can afford, you are right you don't need a downpayment, however, you may need closing cost and that is usually 1-2% of your loan and fees.

Good Luck,

Answer 2

Buying a house is a process which involves more than just saving money. Certainly saving money will help you in many ways when looking to purchase a home.

Every potential home owner has certain financial and credit issues that need to be assessed at the time of qualifying for and applying for a loan. Income, credit history and so on are all individual to you and need to be addressed separately. The best advice I can offer is for you to seek out and setup appointmets with two or three lenders and see what they have to offer, based on your individual circumstances. Basically, you're shopping around for the best fees, interest rates and loan program. Stay away from mortgage brokers and seek out actual lenders, such as Countrywide, Wells Fargo, etc. They loan the money direct, without the use of a middleman like a broker.

Also, being a veteran is a big plus because vets don't have to have money down and if your credit isn't exactly the best, you can probably get a loan anyway, because VA will insure the loan with a lender and pay them back if you default.

Good Luck!

[e-mail]

Answer 3

You can put $1 down on a place if your credit and/or assets supports the loan. The less you put down the more you pay in interest and principle. Make sure you can afford not only the mortgage but an additional amount for insurance, PMI, maintenance costs, etc. If you'd like more down payment help, check out the website below for AmeriDream.

Answer 4

5K is plenty especially if you get a VA loan. Call your VA or a mortgager and get prequalified. Your monthly payments depend more on interest rates and price of house unless you had a really large down payment, but 5K is enough for a starter house! Good luck! Happy house hunting.

Answer 5

I bought a house in Beaumont, Tx. under the GI
bill it had lower intrest rate. It depends on what price range you want, my guess is your wanting a house maybe in the $30,000 to $45,000 range, if so, and if you have a fairly stable job and you can afford a house payment of somewhere around
$500.00 per month. Now remember if you want to build your own house, that $5000. you are going to save would come close to paying for a lot to build your house on, then build your house as you want, remembering the bigger the house the more taxes you pay, and thats every year.
If I were you and was going to build my own home
I would buy a lot, then save enough to pour a concrete slab, then build as you save your money. remember you don't have to build the house complete? build just enough to live in a portion of your house, save a little more money and add on to your house and so on. Good Luck

Answer 6

No it wouldn't be enough for anything other than a deposit, unless you want to buy a playhouse. What does being a veteran have to do with it?

Answer 7

IT DEPENDS WHAT KIND OF HOUSE YOU WANT!
NOT MANY HOUSES SELL FOR THAT AMOUNT
MAYBE AN APARTMENT!

DOESN'T REALLY MATTER IF UR A VETERAN( I THINK?)
GOOD LUCK

KOOL KAT