A few questions about buying a home.?

Question

What is a usual down payment on a house?

What kind of money do I need to be making in order to get a nice loan amount for buying a home?

What is a standard monthly payment? (I know this varies, but on average what do people pay?)

Thank You very much!!

Answer 1

You need to see someone in lending. Your bank is a good start. You need to interview at least three potential lenders, and six wouldn't be a waste of time. You'll have a much better feel for how this works then.

The answers to your other questions are .... well, really they're the wrong questions.

Once you talk to a lender, you'll know how much house you can afford, based on what they'll lend, which is based on your income, and based on your comfort level with the payments.

There is no average for what people pay. People buy houses from almost nothing to in the millions of dollars, the interest rates are from the low 5's to 11 percent, based on credit scores, and people choose 15 year amortizations and interest only payments, and then you have the really unknown costs of insurance and taxes. You don't care what the average is anyway. You want to know what payment you can afford, and how much loan that will get you, and how much house you can buy with that loan (which depends on where the house is located).

After the loan officer, I'd suggest seeing an attorney and get an overview of the whole process, and an understanding of the important terms of an offer.

Answer 2

Now with the credit crunch you have to have 20% down to get a loan, and then everything is based on how much you much you make and how much the loan is for.

Answer 3

There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad creditBad credit hasn't stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.

Answer 4

Hey Jason, first things first. You need to check out several local lenders in your area to see what loan programs they offer and to determine which one would work best for your finanacial situation. As for downpayment and such they will tell you what is common and what may be required in certain situations. Please I caution you - do not use internet loan companies. If something goes wrong with your loan, you want to be able to walk into their offices and have them straightened it out. Internet companies will be hard to get ahold of-period.