Anyoen whose bought a house can you explain the process? Were first time homebuyers. Weve got…
Anyoen whose bought a house can you explain the process? Were first time homebuyers. Weve got between 6-8 thousand (maybe more depending on how much we need to fix our car) to put down on a house. Were 24 and 26, credit scores arent awful but not great. I know there are programs that help with getting you a home loan even if your credits not great, if youre a first time buyer. Its not that we have bad credit reports, we just dont have much credit history in general. How long does it take to buy a house? Our lease is up in august for the apartment. We arent looking at super expensive houses or anything, we just need more space and a yard. Houses around here tend to range between 85-150k for 3 bedroom, sometimes 4 depending on the neighborhood. Especially the further out of the "main" city you go. So were looking to move to a more rural place nearby.
Ss3mom·
First thing is do u know any relators? U will need to get pre approved. That will look into your credit, how much u make etc.
MassMomma16·
You need to get a preapproval for a loan first (most realtors require it)Then a realtor can help you find what is in your price range. It can take up to 90 days to close.
.·
When getting approved for a loan, they take the person with the lower credit score and base approval off that number. If it is below 620 you’ll have to get an FHA instead of a traditional just because of the lower credit, and they require a minimum of 3.5% down on a house. With 6-8 grand you’ll be able to afford at most a 170000 home. That’s just what we had to do, that’s worst case scenario to prepare you just in case !
Raven··
Мама двоих (младенец)
We wanted yo stick to a house between 95-130k anyways so thats fine with us, on a 100k house 7k is about 7% down which is twice what they ask so were hoping with FHA theyre happy with that. We figured wed need to go through them anyways.
.··
oh wow that’s a good amount down then, that’ll lower your monthly payments by like 120 a month. Usually for every 1000 you put down it’s an average monthly mortgage savings of 20 per 1000 down.
Uhhhh·
I'm glad you asked this because my husband and I just started building our credit. We plan on trying to buy in about 3 years. His aunt is a realtor and offered to help us.
Raven·
Мама двоих (младенец)
@lets-get-this-bread We might even have closer to 10grand, its just that our car needs some minor work but since my partner os a mechanic we just have to pay parts costs which should be less than a 1000 total
Blue IsMyColor·
Мама троих детей
Are you buying in a rural area? If so, you could qualify for a USDA loan and they are pretty easy to get, don’t require a down payment and the interest is low.
Leah··
This! We just got a usda loan and for us it was better than a FHA loan. My husband was the only one with an income so we used just his credit and had no problems getting the loan. My husband's credit score isn't the best but it's not terrible either.
Kristen ·
Мама троих детей
I bought a house at that age and my credit is good but probably not great. For us it also depended on what we were making. I started by talking to a mortgage person at the bank. We found a realtor we liked and she looked and we looked in our price ranges. She was always very knowledgeable about the homes we looked at. It could take a while to find the home you want. I'm in something called a first time homebuyer loan or something.