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I rent my house, and I'd like to own my own eventually..

Posted by on Jan. 1, 2013 at 3:51 PM
  • 7 Replies

I just don't know where I would even begin. I was bored and looked on a website and homes for sale. Some of the morgage payments were hundreds of dollars less a month then I pay for my rent now. Then, I saw what you have to put down for these places- I was looking at homes all under 200,00- and they all want around 30,000 to 50,000 down.  I mean this is less than I make in a year. It's just incredibly eye opening. 

by on Jan. 1, 2013 at 3:51 PM
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Replies (1-7):
erin708
by on Jan. 1, 2013 at 4:13 PM
U have to set a goal and start saving. When we bought we only needed to put 3k down but put 17k down instead. Its a lot harder these days.
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Unoriginal.
by on Jan. 1, 2013 at 4:15 PM
1 mom liked this
Start with your credit. While you are saving for that down payment raise your credit score.

You also need to figure out your debt to income ratio. It needs to be below 32% for you to qualify for a first time homebuyers loan.
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Unoriginal.
by on Jan. 1, 2013 at 4:17 PM
And how much you need to put down varies, depending on what type of loan you you go after.
It can be anywhere from 3% to 15%
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PeaceMuch
by Kali on Jan. 1, 2013 at 5:01 PM

 Some banks have loans for first time home buyers where you don't have to put anything down. Start with your credit first. Apply at a bank(it's free most times) and get your credit score and they send you a detailed report either way.

Courtney610
by Courtney on Jan. 1, 2013 at 5:07 PM
1st, cut out as much debt as possible. Talk to mortgage companies. Look into FHA loans. Get preapproved for a mortgage. Know what you can afford. When we were preapproved for our mortgage, we were approved for much more than we wanted to spend.
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MamaPeanut
by on Jan. 1, 2013 at 7:13 PM
Great info!

Quoting Unoriginal.:

Start with your credit. While you are saving for that down payment raise your credit score.



You also need to figure out your debt to income ratio. It needs to be below 32% for you to qualify for a first time homebuyers loan.
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QueenOfShadows
by on Jan. 3, 2013 at 5:57 PM

Thanks for the info everyone :) 

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