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Level 6

I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:

Once you get into your home, if you don't have enough cash or you don't want to use all your cash up for any remodeling, Home Depot's credit card allows interest free financing for up to 24 months (depending on how much you spend) or even 12 months. You can pay that off before the promotion expired and keep your cash but get your flooring done or buy appliances. Just a thought!
Level 2

I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:

You're not alone and you shouldn't wait 5 years! Focus on saving for a rainy day and buying a home before prices and rates increase anymore. There are several down payment assistant programs and $0 down mortgage options available now. As a Realtor, I encourage all of my clients to TALK to (not fill out online applications) a few mortgage lenders to learn about the best financial fit for their situation.
Level 2

I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:

what are these classes and who are they through?.... a little more info would be very helpful.

Level 2

I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:

"Classes" are available via the NACA program and in the state of Georgia as the GA Dream Home Ownership program. You can also attend a free homebuying seminar hosted by a local Realtor and Mortgage Lender-- make sure both are leading the seminar. "Mortgage programs/options" are available through Mortgage Lenders, and you always want to speak to one to get a more personalized solution. Do not rely on web-based applications because they do not allow for gray areas. If you're in GA, contact me-- [email address removed]. Good luck!
Level 2

I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:

I live in Massachusetts, where property cost is really high (a shoebox house in the worst part of town is at least $250,000). No bank expects 20% down, let alone 15%. If you can do that, awesome. Banks around here like at least 5% down. I would put 20% of your check into savings each pay period, and after two years I would get a 3 year CD with a high interest rate. Your credit score is fine and as long as you keep doing what you're doing with bill payments. Keep your debt to income ratio low and you will be good. 5 years for a person of your age with a graduate degree sounds like a long time to save for a down payment, but I don't know your circumstances. 

Level 2

I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:

This is false. You do not always need to pay PMI, especially when your a first time home buyer. There are a lot of programs that only require 5% with no PMI.
Level 2

I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:

You can buy a home with little down payment, it just means your monthly mortgage payments will be a little higher. Your credit score is within the highest range and will get you a lower rate, but just barely. I got a 4% interest rate on my house and my score was a couple points below 800, in the 790s at the time. Now it's 800 even.
You could get another card and make on time payments on it for the next few years. The number of cards you have doesn't matter, it's the total amount available to you that you are using. The less you are using of it, the better.
Good luck and talk to a good lender. They answer a lot of questions. I'm also 32 and I bought my home at the very end of 2017.
Level 2

I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:

Let's assume that at 32, this guy already has furniture and cooking utensils wherever he is currently living.
Also, I did not need 10% of the cost of the house for a down payment. It was actually less than 5%. It just makes the monthly payment a little higher but still very manageable.
The debt repayment plan is actually good advice.
_D
Level 7

I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:

I linked my savings goal (b-day celeb) to my savings on food. Made a budget on Mint and opened an interest bearing checking account that pays me to SAVE 💰🧚🏻‍♀️
_D
Level 7

I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:

I have 0 debt yet my DTI ratio is $31%🤷‍♀️because rent is considered debt!