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freak180

Tips/ advice into looking into getting a house

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I been living in an apartment for 2 years so far and my lease is almost over. I already checked out my credit score which is 748. What are the necessary steps taken into to plan for getting a house. I have 5K saved so far..

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I been living in an apartment for 2 years so far and my lease is almost over. I already checked out my credit score which is 748. What are the necessary steps taken into to plan for getting a house. I have 5K saved so far..

 

Save more, way more.

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Save more, way more.

I thought i heard some places as for 3K for at least a down payment

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I thought i heard some places as for 3K for at least a down payment

 

You don't want the least down payment. You want a Bank to be confident in you, you don't want to be 'high-risk'. I'd say you need, at the least, 4 times more than what you have and I'd recommend 10% of the cost of the house. I'd also save an additional 5K just for the little things of owning and moving into a home. You should always have a nice 5K buffer for things.

 

I know it's exciting and you want to just get your own home, but if you don't take the necessary precautions you will lose your home and everything you worked for; and unfortunately that misfortune doesn't usually just end there.

 

Take notice of the economy, the value of where you're moving to (is it stagnant? Is it appreciating?). What's the interest rates at? You need to avoid housing bubbles but you also don't want a high interest rate either. Is this is a stepping stone house? Do you plan to rent it out later? How much do you need to spend to get the house ready to move into? Will your land depreciate while everyone else appreciates?

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You want 10 to 20% down.  Talk with a mortgage company they will steer you in the minimum direction.  When you get to 15,000 then you can start looking, IMO....but many places will do 3-5 percent.

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1.  Get pre-approved.  If married, get pre-approved based off only one income.  Else, you're gambling on the concept that both of you will be employed for the full 15 or 30 year term.

 

2. Whatever pre-approval amount, shop for a house no more than 2/3 of your approval.  Trust me on this.  Taxes, insurance, and bills are not taken into account when approving.  You need to be fully aware of all the bills, taxes and what you can really afford.

 

3. Never tell the mortgage company what you've been approved for.  They work for the seller, not you.

 

4. Always have the offer state you have the right to withdraw if financing is turned down and/or inspection fails.

 

5. Get an inspection and assessment.

 

6. Plan to put down 10%-20% of the total upfront, unless you get a Veteran Home Loan which is significantly less interest.

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