Re: I have $0 saved for a down payment. I want to ...
Returning Member

Home loans

Look for a house that is four times what you make in a year to keep the payments under 25% of your monthly take home pay. If you go over 30% of take home money you will be house poor. If you need to buy a new anything it could destroy you. Keep it at or near 25%.

 

You can buy a house even without a credit score in case you didn't know that. It just takes more paper work than most banks want to do. A bank like Churchill Mortgage will work with you to get you approved for the loan. I know it's hard to believe that someone would actually take the time to realize that someone with no other payments has money for the mortgage.

 

If you get raises in the next five years then you can add that to the price of your homes value for purchase. I assume that you are trying to save for a down payment so knowing how much the house will cost means you know how much to save.

 

You don't want the real estate agent taking you to houses you cannot afford anyway. No need to get your hopes up of a house that is way over your price range. They will try to get you into a house that is slightly outside your range, stick to your guns about the price.

 

Use a resource like zillow to find the area that you want to live and see the prices of the houses there. It's not hard and is a starting point. Every sector of the country is different so too will the prices.

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