Money for a house?

Question

I am a 25 year old living in an apt. I want to buy a house soon, but can't really afford to save up. I pay almost $800 for rent so I believe I can afford a morgage.
Do you have any advice on how I can start to get money for a home down payment....like grants or anything??

I have excellent credit. About 731 I believe

Answer 1

The current problems in the real estate finance industry were caused by putting folks into mortgages they couldn't afford. Interest only means you never pay down the principal, thus always owe money and never own your house. Adjustable rate you can afford now, but in two years skyrocket out of sight. Don't do bogus financing, you will stay broke.

There is only one way to truly afford a house, and that is with the common sense rules your great-grandmother used to manage finances. Be out of debt first, have emergency funds saved. For the best plans, listen to the Dave Ramsey show on radio. Google his name for links.

Answer 2

You'll have problems getting a house if you can't put money down. A bank will want you to risk some of your own money, especially since the sub-prime loan market fell. You will also need to get your credit score as high as possible (pay credit cards off promptly, no late payments). It will take time but if you plan you can get a house soon enough.

Answer 3

If you have excellent credit 720+ You may qualify for a 100$ financing. The best you could do right now is contact a local broker. They can run the numbers with you as far as your debt to income, and review your credit and see if you would qualify. And if you are a first time home buyer you wil have more options.

Answer 4

Saving up money for a down payment is hard. Not impossible of course. You can always find loans for first time home-buyers though. Maybe you could contact your bank and see what kind of loans they have for someone in your situation. My husband and I bought our first home with no money down. You can do it. Congratulations!!