How much did you purchase your home for? How much money do you put as a down payment? How much are you paying monthly? And what state do you currently live in? I'm looking to find a house next year, but I have no idea how much money I need to save up.
2007-02-11 18:36:58 · 6 answers · asked by Virginia 3 in Business & Finance ➔ Renting & Real Estate
It will all depend on many things. For instance a good credit score could help you get 100% financing. The more money you put down, the less you need to borrow, which will lower your payments. In some states, if you pay 20% of your loan you no longer have to pay for mortgage insurance which can save you up to a couple hundred off your payments each month. So having money down at closing can be a really good thing. Knowing what kind of payments are you comfortable with will help you decide the loan amount to pull. You should speak with a Mortgage Broker to get more details and to answer specific questions related to your situation.
Speak with a Realtor to get your area's average home prices, and to get a picture of what kind of home you would get for the dollar. Every city is different so $200,000 might get you a beautiful home in New Mexico yet get you a piece of junk in New York.
2007-02-11 18:53:21 · answer #1 · answered by Anonymous · 1⤊ 0⤋
the worst thing is being an uninformed buyer. there are too many people innvoled in buying a house that could take advantage of you. Use www.realtor.com . the site will show you homes in th area you are looking and give you a general idea of a mortgage payment. 20% is usually needed for a down payment becuase a conventional mortgate will only lend you 80% of the value to protect themsleves. Also check for FHA and Fannie May loans for first time buyers. If you are looking at buying a house for $100,000 plan on having at least $30,000-$40,000 saved
2007-02-11 18:53:09 · answer #2 · answered by slax25 2 · 1⤊ 0⤋
Best place to buy right now is Arizona. You can purchase a 3 bedroom and 2 bath for 165K or San Antonio, Texas.
Try contacting a LOCAL broker in the area you are interested in buying and then see what options are open for you.
More than likely, a 100% combo loan is what you need.
2007-02-11 19:25:25 · answer #3 · answered by Photographer 6 · 0⤊ 0⤋
The housing market is like night and day depending what part of the country you live in.
My home was purchased for $802,000 and we put down $300,000 from the sale of our last house. We pay roughly $3,000 a month not including taxes.
2007-02-12 01:28:00 · answer #4 · answered by KathyS 7 · 0⤊ 0⤋
I suggest you to check the website below to find more details on investing in homes. What are the things needed for first time home buyers.
http://www.smart-investments.org
2007-02-11 18:43:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Check this site out!It helped me a lot while dealing with the same issues.
http://mortgage-loan.learnmagics.com
Hope it helps you too!
2007-02-11 22:12:43 · answer #6 · answered by rol3y2104 1 · 0⤊ 1⤋