Cut friviouls expenses such as eating out, movies, buying things you don't need. Then put your savings into a high yielding savings account or CD. Check your local Credit Union they offer better rates than commercial banks.
If you go buy a house, you can not live paycheck to paycheck. With a house something comes up, say your stove breaks and then you have to buy a new one, or the plumbing breaks, etc. You should sit back and see if you can truly pay a mortgage payment.
Kudos to you for thinking of a down payment! 100% financing is not a good decision, you pay crazy amounts on interest.
Good Luck!
2007-01-29 08:54:05
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answer #1
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answered by G 2
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First of all if you are struggling right know paying $811 a month I would not look for an expensive home. Something around $100-120,000 max., that is around $800 a month, plus then you'll have taxes and home owners insurance to think about. Try maybe getting a part time job for awhile.
You have 3 options, one is to qualify for 100% financing and you'll only need a few thousand to close, two if you know someone personally who can loan you some money for a down payment all you would need is a letter from them stating that you do not have to pay them back, and third of all just work as much as you can to save up.
Good luck with this, any more advice feel free to contact me...
2007-01-29 17:03:28
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answer #2
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answered by Anthony P 2
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Lisa,
\do you want a candid answer?
there are mortgage bankers out there who can get you into a mortgage. only with paycheck2 paycheck you'll be on the street in 5 yrs.
So don't do that.
now visit daveramsey.com to learn what bankers credit card companies pray you never ever learn and apply it.
the standard answer would be save and cut your living expenses save some more.
a better answer will be learn to own and manage your money, try a budget.
most real millionaires use them.
get a reassessment of your present earning skills - go back to school =s more money earned. easier to get a house then. if 800$ is a challenge then you definitely want to increase your work value (pay).
read 48 days to work you love, what colour is your parachute, house buying for dummies.
do your homework before you get suckered into a house.
2007-01-29 16:55:34
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answer #3
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answered by Anonymous
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I did it by temporarily working 2 jobs, paid off all high % debt and then started plugging the $$ into a Schwab account. Eventually I had the 20% down and saved a fortune in PMI payments.
It was a tough period but I survived and now am part of the people who have a mortgage (and will someday actually own the place instead of the lender !)
2007-01-29 16:46:52
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answer #4
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answered by kate 7
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Cut out all necessary expenses, use coupons when you shop for groceries, use store brand instead of name brand, get rid of expensive cars and find something more economical, find a part time job. Cut down your cable to a basic package or get rid of it all together if you decide saving for a house is more important. Cut down on or get rid of your cell phone unless it's absolutely vital to have (some jobs require them). Save something every month, even if it's only $10 some months. You'll be surprised how fast it adds up. A lot of people don't realize how much 'extra' they spend a month on things like eating out and buying clothes and such. You just have to decide if living without those things for a while is worth being in your own house or not.
2007-01-29 16:51:32
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answer #5
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answered by Katasha 3
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Finance your home with a mortgage broker doing what is called an 80/20. If you live in WI or MN I can help you. If not feel free to contact me with more questions. Craig@middlestead.com
Thanks and good luck.
2007-01-29 18:40:43
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answer #6
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answered by Anonymous
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Cut out the things you dont absolutley have to have and save the money. I hate to say but it wont be fun for a while but it will get you to your goal. I got rid of my cell phone and stopped eating out. If you can find a cheaper place to rent do it. Remember it is only temporary.
2007-01-29 16:39:38
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answer #7
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answered by 2littleiggies 4
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You start setting aside money for the down payment or qualify for a zero-down mortgage.
2007-01-29 16:37:39
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answer #8
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answered by KL 5
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