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Buying 1st house. WWYD if this was ur situation.

Ive kinda ask questions before about new house. but got another..
If you were 27. had DH. 4yo DD & lived with your mom with no debt & could save about $1,000 a month to go towards a new home -- How much money would you save until you started looking for a house? (we are in tx & we will be buying a $100,000 home --we have decided to move into my moms neighborhood so she isnt too far away)

-Pls no bashing about us living at my moms. its a long story- if u wanna know it all. then ask.-

 
Anonymous

Asked by Anonymous at 6:11 PM on Apr. 6, 2011 in Home & Garden

This question is closed.
Answers (4)
  • Well if you put 20% down and finance for 15 years your payment woud be about $700,, vs about 530 for a 30 year loan,,, putting 20% down will save you money on insurance,, it would depend on how long you can stand to live with MOM,, LOL!
    kimigogo

    Answer by kimigogo at 6:14 PM on Apr. 6, 2011

  • It will take you about 2 years to save up enough for a 20% down payment and closing costs. You coud meet with a lender at your bank and find out what other options might be available. You might also talk to a realtor who could give you an idea about the average time to locate a property with your specifications in your area. Both times we've bought a house we looked for a month or two before making an offer, and then it took another 3 to 6 weeks to close.

    If 2 years seems like longer than you wanted, you might check with your bank and other lenders to see what other options might be available as far as a downpayment is concerned. You might be able to go with less than 20% down. A realtor might also be a good source for financing recommendations.
    Anonymous

    Answer by Anonymous at 6:43 PM on Apr. 6, 2011

  • Id probably save for a year and then start looking for a house.
    Aqua_Jen

    Answer by Aqua_Jen at 8:32 PM on Apr. 6, 2011

  • It would depend on how much I would have monthly for a house payment and how long I wanted the mortgage to be for.
    tazdvl

    Answer by tazdvl at 11:11 PM on Apr. 6, 2011