2007-10-08 15:04:35 · 6 answers · asked by Super_Duper_Star 26 3 in Business & Finance ➔ Renting & Real Estate
i would recommend having at least 3 months worth of payments saved up just in case (including utilities) that way you dont have to worry if something happens
2007-10-08 15:10:56 · answer #1 · answered by avalon552 3 · 1⤊ 0⤋
Make sure your credit score is where it should be and if not work on that before you try to get a mortgage for any size home. Determine what size home and type of home you can afford, single family, condo, townhome and what your salary and means allows you to buy. When you know this, you can then determine what you will need for a down payment by talking with your bank or mortgage broker. Plan to save that money so you will be prepared. There is no set time period between renting and owning. It's all about you, your credit status, and what you can afford and when.
2007-10-08 15:45:12 · answer #2 · answered by dawnb 7 · 0⤊ 0⤋
As little as you can get away with. Save as much as you can so you don't get saddled with a big mortgage and then take the plunge. Keep your credit good, pay your bills on or before they are due. Use a reputable mortgage company not ones online. If you can stay with your parents longer and save a bunch of money DO IT!!! I don't know how old you are and I know that when children reach adulthood they want to fly on their own, I understand that, but as I told my children, I did my job in raising you and there is not much more for me to do for you. I know that it is tough to stay at home and feel like mom & dad are looking over your shoulder but as you prove yourself as an adult you will be respected as an adult. Take this time to live off your parents while you get your college education and save some money so that you can be successful when you do finally go out on your own.
I hope this advice that I gave my children will help you too.
You are more than welcome sweetheart!
2007-10-08 15:18:01 · answer #3 · answered by Free Thinker 6 · 0⤊ 0⤋
You should buy a house as soon as your credit score is good and you have enough money because with a house, its a type of investment if you decide to sell it. When you rent, you aren't ever going to see that money ever again.
2007-10-08 15:12:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Once you build good credit and have at least 10% down payment, + 3 months living expenses put away.
Most lenders today want 10% down to do a loan.
Hope this helps.
Terry S.
http://www.Welcome2Arizona.com
2007-10-08 15:57:21 · answer #5 · answered by Terry S 5 · 0⤊ 0⤋
when you are ready... when you have enough money for a down payment plus a good amount in your savings account (5 months salary)....
2007-10-08 15:08:01 · answer #6 · answered by just me000 4 · 1⤊ 0⤋