i want to buy a house?

Question

when i turn 18 i want to buy a house for 60,000 that i found in the newspaper how much money should i save to put down for the cheapest mortage payments ?

Answer 1

usually you need AT LEAST 5% for a down payment.
But I guess it all depends on where you live. If you want the cheapest mortgage payments possible...give the most you can on your down payment. The lower your mortgage is, the lower your payments will be.

Answer 2

As much as you can the more you save the less your mortage payment wil be.
Think about though that not always how low your mortage would go think about to keep some money for repairs etc.
you said you saw the house in the newspaper check out the house in person get an inspector in and see what he says does not help you if for example you put your 20.000 down and that all you had then after one moanth it turns out the roof need repairing or you need a a new stove etc.

i would save as much as i can then get the house checked out even it it turns out that everything is ok still have a little some left over when you make your down payment.
good luck

Answer 3

As much as possible, but you can how ever ( if your mid fico is above 620 ) come in with nothing down. Since the market has started to slow and alot of investors and homesellers are desperate you can ask the seller to pay for your closing cost and even buy off a point on your loan. I suggest you get a realtor and you might save alot more money. I have more info on my website if you need it.

Answer 4

The more you put down, the lower the payments will be. Ten percent down is good for a first time homebuyer and can be financed into 1 loan as well.

Here is some additional info. Hope this helps.

Answer 5

I know it may be somewhat of a hardship since this is your first home purchase, but you really got to strive for a 20% downpayment. This way you will avoid having to pay additional money each month for PMI (private mortgage insurance). Also, if you are disciplined with money, don't do an escrow account for real estate taxes. Pay them yourself and invest the money you use to make tax payments on your own.

Answer 6

Well in addition to the money needed for the down pamt and closing/lawyer costs. You also need to pass a credit check and start homeowners insurance. Then in addition to the mortgage you will be paying the homeowners, property taxes and all utilities. Make sure you know what you are getting yourself into.

Answer 7

Minimum of 20% but the more you save and put down, the better your payments will be

Answer 8

"to construct a house or a hotel, the participant might desire to very own all properties in a shade team. progression might desire to be uniform in the time of a monopoly, such that a 2nd living house won't be able to be outfitted on one belongings in a monopoly till the others have one living house." I have been provided that from Wikipedia. I even have performed this activity when you consider that i became right into slightly baby, and that i've got performed diverse approaches with diverse human beings. on occasion we performed like your mom is describing. different circumstances we would purchase regardless of shall we've sufficient money, yet you may no longer placed a 2nd living house on a belongings till all the different properties have one living house already on it (like Wikipedia says). wish this permits.

Answer 9

As much as you can. There's no magic number. 20% is ideal, so you'd need $12K plus a couple grand more for closing costs. If not, just get as much as you can do and talk to a mortgage broker now to get some ideas of what you could potentially qualify for. They can walk you through all sorts of options.

Answer 10

For the very cheapest morg' payments you need to put down as close to 60k as possible.
Hope this helps???