Any advice for a first time homebuyer w/o any savings and two young children?

Answer 1

Yes, have some savings before you try to buy a home. You'll be much better off if you can put down a down payment of at least 10%, will get better mortgage terms and be more protected. Also, there will be closing costs that will probably total at least a few thousand dollars. You might or might not be able to roll those into the mortgage, but doing that just gets you further behind from the start, since you've then borrowed more than the home is worth.

And if you have no savings, what will you do when something goes wrong in the house and needs to be repaired or replaced? And trust me, something will, even if the house is in great condition and passes inspection with flying colors.

Answer 2

This is the same advice I give to everyone that is taking on big payments.

Cut the fat from your spending. Stop buying the little $10 to $20 items that really do not do anything for you.

Do you "need" a Starbucks lattefrappaespresso every day? Probably not. Saves you around $4 a day, which is around $1200 a year.
What about all those premium movie channels on cable? Be serious, there is a limit as to how much you can watch a day. Cut it back to the basic 'plus' package. (don't want to give up Discovery, TLC, and other kid related channels)
How much do you spend on a cellphone every month? Do you really need 400 anytime minutes? Or are you using them because you paid for them? Get a pre-paid cell phone, and use it for emergencies only. (that's the excuse you used to get a cell phone in the first place, remember???) The Caller ID works just fine, and that phone on the wall, or your desk works just fine. Cost for the pre-paid I have (Virgin Mobile) is around $100 a year, contrast that to the $59+ the average cell phone bill is every month.
Kids clothing. Get them at Marshalls, TJ Maxx, Burlington Coat Factory, Salvation Army, Goodwill, eBay, etc... Until your kids reach around 10 or so, there is no rational reason to be paying full price for designer name clothes.
House stuff, save some $$ by turning the lights off, turning the TV off, and keeping the heat a bit lower.
Painting is not particularly difficult, it just takes patience, and two coats. (There is no such thing as a one coat coverage, I don't care what the paint can says.) Buy a quality paint, but there is no need to pay $40+ a gallon. Lowes and Home Depot paint is really pretty good, and costs about half of the 'name brands.'
Cooking is also a really good place to save some money. Stop buying prepackaged meals, half of what you pay for is the box. Is there any reason you can't bake your own meatloaf, or make your own mashed potatoes? Most likely not, it just takes a few minutes, and a couple shakes of Mrs. Dash. You are shelling out about twice what the meal is worth for the convenience.

One more thing, start putting money into savings. Even if it is only $1 a week to start. One of the main things that prevents people from saving is that it takes time to build savings up. If you put $1 a week away, that is only $52 after a year, and that can be VERY discouraging. It is really tempting to take the cash out and spend it. Resist that temptation. If you consistently put away $1, $3, $5, $10 a week, in around 10 years, you will have tens of thousands in savings, maybe more. If you spend it as fast as you put the cash in, in 10 years you will have nothing.

Best of luck!

Answer 3

We bought our first home 3 years ago and was in exactly the same situation. We had no deposit and had just had our 2nd baby. We went to see a mortgage advisor which is free of charge and she arranged everything for us from arranging the surveyor, to finding us a solicitor. We got a 100% mortgage with Northern Rock.

Good luck

Answer 4

some counties offer programs for first time homebuyers to help with down payments and closing costs.

Answer 5

There are companies that will provide 100% financing. I did it. Try these people, the company is called "Richard Tocado Companies". He actually is a sponsor on Kevin Harvick's car in Nascar. He finds you the loans, sets them up, etc. 100% financing is not out of the question.

1-800-NEW-CASH
www.homewithrichard.com

Answer 6

If the dating is something that's actually significant to you, then age shouldn't remember. If the dating potential not something different than intercourse, then definite. the indisputable fact which you're bearing on this individual as a "boytoy" makes me think of that's the latter.

Answer 7

Yes, you shouldn't buy a house because you don't have any savings. Wait until you have 20 percent + closing fees saved.