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Level 3

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

I think struggling is a sad thing especially if there is nothing to fall back on because living somewhere and dont love where you live can also be a potential problem as well.
Level 20

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

Privacy in a new home is always the first issue. If you and the spouse can't cover the windows that first night when you "christen" the bedroom, that could make you as the "new neighbors" on the block, the talk of the neighborhood in a way that's not going to feel very welcoming or comfortable.

Level 3

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

The coulda/woulda/shoulda is don't buy everything up front. Just buy the basics to get by. The house is a life time commitment even if you stay up to five years in your first place. Buy as you go and try to pinch pennies as often as possible. It will never be perfect so take your time nothing is worse than over spending on things you can wait on. Nothing is an emergency unless it interferes with cleanliness of the household, Ie. The water heater is broken. Fix most things yourself to not only save money but to make you feel better.
Level 3

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

Divide your 20% by 60 to give you an idea of how much to save each month. Use all means at your disposal to quantify any increases in house prices in the area you want to buy. Moving away from big cities means the price of the house is cheaper, usually. The drive will be longer so take that into account of car values and such. Keep expenditures down don't live like you have to prove anything to anyone. We all start somewhere and move up and down in house sizes and prices.
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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 also have to remember about closing costs and escrow fees. Closing costs are about 1 to 2 percent of the sale price. And escrow fees can vary from place to place. I suggest going to a lender and asking them. It's better to have a lender who is in town and can answer the phone when you call. Plus your agent will thank you!
Level 2

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

The second half of this makes no sense. Are you moving from your parent's house for the first time in this scenario? How tf do you not own any furniture, plates, pots, pans or clothes hangers? I mean **bleep**, do you throw away all your food before you move too?
Level 3

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

See if USDA loans are available where you're looking. They are 0 down.
Level 3

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

First congratulations on planning to buy a house. As one year old homeowner, I can encourage to build a fund for down payment. Build it like a debt payment. Establish an index passive fund, the commission fee is lower. Make direct deposit either from your checking account or a direct deposit from your paycheck.
2- Track down the area you aim to live from trulia.com or zillow.com or realtor.com. This will keep you motivated during the process. If you are engaged or married, enroll your partner in this process. If not, consciently or not your plan will get delayed.
3. Assign a percentage for your down payment. 5%, 6%, etc.
4- Work on your debt, or avoid them. This will help you obtain a better interest rate on your mortgage.
Marketers will flood your boxmail with looking good offer for personal lawn. Do not take the bait. This is a trap to eat up your ressources.
4- When you are ready, shop around for morgage lawn. An interest of 3.45, instead 3.15 would increase your mortgage by hundred or thousand dollars.
It requires discipline and commitment. Good luck and congratulations.
Level 4

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

Excellent! 👀
Level 7

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

Also.. aside from irrelevant things like curtains, you can take out money from your 401k from work to use to your primary residence if you have access to it and need to. Many companies match your contributions to a certain point.

Another big this is when think you're ready to get preapproved soon, DO NOT move money around that cant be easily explained. And it's better just not to have to explain. Try to keep your "books" as simple as possible for the prior at least 3 to 6 months if you can.

Example, you found THE house and its a little out of your preapproval range, so you got 10k cash laying around or your parents want to pitch in 10k...underwriting will want to know where it came from. If its a gift from your relatives or something then you're volunteering them to divulge all their bank statements too. Maybe yours wont care but many other people out there would not be happy to have to do that. If it's your 10k cash that you threw in...you best have a paper trail or you may hit a wall in your loan process. And don't go and buy a vehicle or furniture on credit until you've actually closed on the house. That could break your loan on closing day. Don't let that happen.