topic Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: in Home loans https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/16017#M278 Let's assume that at 32, this guy already has furniture and cooking utensils wherever he is currently living.<BR />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.<BR />The debt repayment plan is actually good advice. Sat, 23 Feb 2019 00:59:02 GMT NG2019 2019-02-23T00:59:02Z I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/5255#M251 <P>Title says it all, but I'm looking for a five year plan. How can I save enough for a down payment? And what other things can I do, over these next five years, to prepare me (credit score improvement, etc.)?&nbsp;</P><P>&nbsp;</P><P>Give it to me straight Team.&nbsp;</P><P>&nbsp;</P><P>(oh, and some related details: credit score sits at 760, I have literally no debt at the moment, I can't imagine buying a $1M home so let's assume the down payment will be south of $100K, I'm 32 years old, and I've got a grad degree)</P> Fri, 03 Aug 2018 17:54:02 GMT https://ttlc.intuit.com/community/home-loans/discussion/i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/5255#M251 JesseJ 2018-08-03T17:54:02Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/5263#M252 <P>Rule number one - Live below your means. If that means beans and rice for lunch and rice and beans for supper, then that's what it is.</P><P>Step 1 - $1000 in the bank as an emergency fund. An emergency is defined as, "If I don't spend this money in my emergency account, my next meal comes from the dumpster behind McDonald's"</P><P>Step 2 - Pay off all existing debt. All of it. Every penny. List your debts from smallest to largest. The interest rate on that debt *does* *not* *matter*. Throw every spare penny at the smallest debt, and make minimum payments on all others. Once that smallest debt is paid off, work on the next debt, which is now your "new" smallest debt. Add what you're not paying on the debt you just paid off, to the&nbsp; minimum payment on&nbsp; your "new" smallest debt, and knock it out. You'll find in no time (commonly less than three years) you'll have no debt at all.</P><P>Step 3 - After paying off that final debt, continue to "pay that bill" each month to yourself, by putting it in savings. First, build up your emergency fund at this point to 3-6 months of living expenses.</P><P>Step 4 - You will need at an absolute minimum, 15% down to buy a house. More commonly it will be 20%. So if you're looking to buy a $100,000 house, (not unrealistic any many areas of the country) then you need to save at least $30,000. Why 30%? Easy. If you put 15%-20% down, that leaves you $10K to "move in". There's more to buying your first home besides the down payment. You're gonna spend some serious money making your new home move-in ready. First order of business is curtains. Then you need furniture. You have to pay deposits to the electric, water, gas, etc. I can tell you for a fact that the "first run" to the grocery store to stock the kitchen will cost you no less than $500. YOu need plates, pots, pans, cooking utensils, silverware, etc. That's just the kitchen. In the bedroom you need more than a bed and curtains for the windows. You need pillows, linens, a place to store your cloths, coat hangers for the closet, picture hangers for those pictures you want to hang on the wall. Basically, you can see how easy it is to justify $10K to set up a new house and move into it. If you're married, then you can double that amount. If you have kids, triple it.</P><P>Now I've barely touched the tip of this iceberg. So I encourage you to talk to other homeowners about their first time experiences. Ask them what they would have done differently, if they had known or realized it at the time that they could have done things differently. So learn from the "shoulda, coulda, woulda" experience of others, as much as you possibly can. There's no such thing as to much knowledge.</P><P>Most importantly, when it comes down to the wire and you're seriously ready to buy, it's a scary feeling that first time. But follow your gut instincts and you'll come out ahead. If it doesn't "feel right", then most likely it isn't right. Do what makes you feel good, not what makes you look good. Feelings last forever. Looks, not so much.</P> Fri, 03 Aug 2018 21:21:52 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/5263#M252 Carl 2018-08-03T21:21:52Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/6442#M253 <P>What Carl said is pretty good advice, a couple of things that might help you plan is know where you want to buy and find out how much homes in that area typically sell for now and what they are estimated to cost in 5 years. I'm in a similar situation, except I'm wanting to buy now and I've been looking for a home in my area and I'm find out that the price is way higher than what it was 5 years ago. Also research what home buying assistance program are available in your area to find out what they offer as well as requirements, especially if you are a first time buyer. Some lenders may have programs that only require 3% verses 20% down payment at closing. But, basically you just want to start putting money into a saving that you don't have easy access to, so you won't be tempted to spend and see if your employer has any programs that will match what you will put into a savings. Hope this helps and good luck on exceeding your goals!</P> Sat, 06 Oct 2018 21:51:31 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/6442#M253 SD18 2018-10-06T21:51:31Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/6443#M254 <P>It's kinda humorous sometimes, the folks I talk with looking to buy their first house. Usually newly married couples. They say they'll be fine with the down payment in the bank, and don't need anything extra. They "justify" it with the fact that they'll be using the furniture they already own, that's in the house they're now renting and that "friends" will be helping them move and relocate to the newly purchased house. Then I remind them of a few things.</P><P>&nbsp;- The curtains you have will not fit all the windows in your new house. Curtains aren't cheap, and the wife doesn't care about the cost either. She's not going to tolerate those piss green curtains in "ANY" room, and especially not *her* bathroom.</P><P>&nbsp;- Those "friends" who helped you move? They're expecting to be invited to the house warming party the next weekend. While they may not get steak and lobster, there damn well better be beer!</P><P>&nbsp;</P> Sun, 07 Oct 2018 00:15:24 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/6443#M254 Carl 2018-10-07T00:15:24Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/8193#M255 The advice here is good so far.<BR /><BR />Few things.<BR />For deposit, you can definitely go down to 3%. There are conventional loans and FHA loans that allow that. For all deposits under 20%, You will have to pay private mortgage insurance which will be added to your monthly payments and you will also have an escrow account which will hold your taxes and home insurance too.<BR /><BR />For now, you need to create a budget so you know where your money is going. In your budget set aside money for emergencies and also money for the new home. Two sites I have used their tools are Iwasbrokeandnowimnot and EveryDollar. Simple things like if you get a bonus rather than spending it, put aside would help. Also depending on how you get paid, if biweekly for example, you get two extra paycheck a year, you can choose to put that aside. With a budget, every thing you do not spend, allocate to your home fund.<BR />Clearing your debt is important so follow the advice from one of the other posters here. If you want to incur any new debt, like buying a car, do it now. The closer you are to the end of the five year the less new debt you should incur.<BR />When it comes to mortgages, one thing I’ve learnt is not to make hard inquiries when shopping around, it can seriously affect your score. You are only allowed soft inquiries.<BR />Sites like credit karma and credit sesame can help you monitor you credit score. Your credit card could also have credit monitoring service, use them.<BR />Apart from down payment, you are also saving for closing costs which can be up to 6% of your loan amount. While you may be able to finance some of these and have a seller pay for some of it, saving for this can provide you with breathing room.<BR />Good luck Sat, 15 Dec 2018 20:15:47 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/8193#M255 Cricketrmgss 2018-12-15T20:15:47Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/8925#M256 Open an American Express savings account. Mine pays 2%. Then have automatic withdrawals every pay period for your goal amount. So if your looking at saving $30k in five years and you get paid biweekly then the withdrawal will be $231 a pp. They will send you a notice in advance that the withdrawal is coming out so it doesn’t surprise you. In 5 years youll have $30k.<BR />You can also go and get a 5 year bind so that you cant touch the money until your ready to by the house. Sat, 12 Jan 2019 17:33:48 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/8925#M256 hollyteniele 2019-01-12T17:33:48Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/9724#M257 <P>Dave Ramsey fan.... saw you a mile away.</P> Sat, 26 Jan 2019 23:14:09 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/9724#M257 tcolgrove 2019-01-26T23:14:09Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/9732#M258 <P>Not just a fan, and not just a follower. I'm a doer. Been debt free for 10 years and loving every minute of it.</P> Sun, 27 Jan 2019 00:32:37 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/9732#M258 Carl 2019-01-27T00:32:37Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/9885#M259 <P>$50 in a savings account per week. That is $2600 per year. In 5 years that's a 13,000 down payment. And BTW&nbsp; there is a program for First Time home Buyers where you take a class and you are not required a down payment. That's what I did and I have owned my own home since I was 24. Good Luck.</P><P>&nbsp;</P> Mon, 28 Jan 2019 19:33:34 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/9885#M259 Kirsten32F 2019-01-28T19:33:34Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/10337#M260 <P>I know this post is kind of old, but I just wanted to add in there just in case you still are looking for advice or if other people look by.....&nbsp;</P><P>&nbsp;</P><P>You should look into first-time homebuyer incentives in the area. Many are income based, so you might not qualify, but some places have incentives for buying in certain areas. Also, if you're interested in buying in a rural area you can put 0% down on a USDA rural loan. Just things to consider and look into <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span> I just purchased my home in July of 2018 and got $500 back at closing because I used a first time homeowners incentive and also got the seller to pay $2k of the closing costs. It worked out well for me!</P> Thu, 31 Jan 2019 17:24:21 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/10337#M260 Kaci 2019-01-31T17:24:21Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/10436#M261 Look into NACA! I'm going through them! Thu, 31 Jan 2019 23:16:48 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/10436#M261 tesia819 2019-01-31T23:16:48Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/10947#M262 Listen, all of those other advice are nice. But there is an easier solution. Join the military, serve in the best military in the world. After you get out, the VA home loan, no money down for a house. Mon, 04 Feb 2019 02:50:00 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/10947#M262 Brockrees 2019-02-04T02:50:00Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/11086#M263 I have no **bleep**ing money let me in Tue, 05 Feb 2019 01:41:59 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/11086#M263 Hms1970 2019-02-05T01:41:59Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/12003#M264 Lol curtains are the first order of business and were mentioned twice? We have bought two homes and they've never been in discussion for either! Sun, 10 Feb 2019 18:18:28 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/12003#M264 Dwoods 2019-02-10T18:18:28Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/12358#M265 <P>Here are the elements to get you the best interest rate: a) FICO 740 or above, b) Debt to Income (DTI) less than 50%, c) no derogatory items on your credit report, d) being a full-time employee in the same line of work with no gaps for at least 2 years with stable or increasing annual income.</P><P>&nbsp;</P><P>There are loan products that allow as little as 3% down for first time home buyers. As mentioned before, mortgage insurance (MI or PMI) is required (either borrower paid or lender paid) for loan to values (LTV) greater than 80%, typically. If PMI is lender paid, it results in a slightly higher interest rate but you do not see an actually monthly line item for that cost; it also means you pay for it the entire term of the loan rather than being able to cancel PMI once your LTV reaches 78% of the initial purchase price.</P><P>&nbsp;</P><P>Keep in mind that on top of a down payment you will have other closing costs and fees to cover, such as: appraisal, home inspections, title, escrow reserves, pre-pays for home insurance and interest. If the home you are looking at has mandatory HOA dues, those will need to be factored in to your overall monthly payment too.</P><P>&nbsp;</P><P>Don't think you are looking for the home you will retire in as your first home purchase. You are looking for a starter home to stay in less than 10 years, typically.&nbsp; Good luck!</P> Tue, 12 Feb 2019 14:31:49 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/12358#M265 JesseMc 2019-02-12T14:31:49Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/12524#M266 This right here, this is the best answer to the posters question.<BR />The others assume they have debt, but they said they have none.<BR /><BR />Even 30k might be a bit much depending on the cost of the house they’re looking for, but you certainly gave the best answer. Wed, 13 Feb 2019 12:37:19 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/12524#M266 Benjaminboogers 2019-02-13T12:37:19Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13264#M267 First, look to see if your state has any Programs that help with down payment assistance. There may be First Time Homebuyer's assistance for example. In Nevada, they have several programs where the State pays closing costs, they pay the down payment and it's not limited to first time buyers. The max income to quality for Nevada's program is $95k with a minimum credit score of 640. These prorams may have a higher interest rate but they give you free money to get into a home. Regarding down payments, if you put less than 20% down you will be charged PMI or mortgage insurance. This will be tacked onto your mortgage and will increase your monthly payments.<BR /><BR />Next, ask yourself how much you're willing to pay in mortgage payments every month. Not only that, but factor in utilities and possibly HOA fees. Water, Energy, Gas, Trash/Recycling, Internet should all be factored into your monthly payments. Keep in mind that depending where you live, your Energy bill mY have huge spikes from heavy use of AC or Heating. Also, once you buy there is a daunting realization that you have to be able to make this mortgage payment FOREVER (or unless you sell the property). So you have to be comfortable with the monthly mortgage payment.<BR /><BR />Next, Loan Type. Buyers accept offers in the following order: Cash, Conventional, FHA, VA . I recommend you go with a Conventional Loan. But definitely ask your lender about the differences.<BR />Also factor in how much remodeling you need to do. That will cost you!<BR /><BR />Oh also, you need to SEASON your money. That means, your money needs to sit in your accounts UNTOUCHED for several months while you look for a property. The lender will ask you for bank statements to see where your money is coming from and where it goes, while they determine if you are able to maintain a mortgage. That means no opening of any new credit accounts and no big purchases.<BR /><BR />CLOSING COSTS. This one surprised me. I was so focused on the down payment, I didn't realize you needed just as much in closing costs! Ok, you don't need a 20% payment in closing costs, but this is the point where everyone gets paid. So be prepared to set aside a couple THOUSAND dollars for closing costs. You can negotiate who covers these costs (seller, buyer) or you can split the costs. This is also used in the negotiating to buy, because sellers are prone to accept offers where Buyers pay closing costs.<BR /><BR />Well you're debt free so that is fantastic!!! The important thing to know is that you may be offered a big loan, but you must think of a monthly payment you are comfortable paying Evey month, even if. You lose your job.<BR /><BR />Since you are debt free, you should have no problem Saving for a 20% downpayment. You could probably get into a home sooner than 5yrs. Sat, 16 Feb 2019 19:27:57 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13264#M267 SopranoJessi 2019-02-16T19:27:57Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13266#M268 Right?!? My home came with solid, thick, wooden blinds! Didn't need to touch them! Sat, 16 Feb 2019 19:33:26 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13266#M268 SopranoJessi 2019-02-16T19:33:26Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13959#M269 <P>Step 2 is flawed logic. Make excess principal payments on your highest interest rate loans first. This will result in the fastest paydown of outstanding debt as it will reduce interest costs.</P> Mon, 18 Feb 2019 18:45:52 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13959#M269 dc01876 2019-02-18T18:45:52Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13963#M270 <P>Exactly! Great, you paid off a small lump, but the big one is getting hammered with higher interest. Don't ignore higher interest rates.</P> Mon, 18 Feb 2019 18:54:19 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13963#M270 Dwoods 2019-02-18T18:54:19Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13966#M271 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! Mon, 18 Feb 2019 19:01:49 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13966#M271 SopranoJessi 2019-02-18T19:01:49Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14717#M272 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. Wed, 20 Feb 2019 04:14:22 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14717#M272 CJATLRealtor 2019-02-20T04:14:22Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14772#M273 <P>what are these classes and who are they through?.... a little more info would be very helpful.</P> Wed, 20 Feb 2019 10:39:41 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14772#M273 GRC3 2019-02-20T10:39:41Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14790#M274 "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! Wed, 20 Feb 2019 11:48:53 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14790#M274 CJATLRealtor 2019-02-20T11:48:53Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14886#M275 <P>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.&nbsp;</P> Wed, 20 Feb 2019 16:28:07 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14886#M275 CLASSMaster 2019-02-20T16:28:07Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/15926#M276 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. Fri, 22 Feb 2019 20:53:34 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/15926#M276 devbommarito 2019-02-22T20:53:34Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/16015#M277 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.<BR />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.<BR />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. Sat, 23 Feb 2019 00:54:17 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/16015#M277 NG2019 2019-02-23T00:54:17Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/16017#M278 Let's assume that at 32, this guy already has furniture and cooking utensils wherever he is currently living.<BR />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.<BR />The debt repayment plan is actually good advice. Sat, 23 Feb 2019 00:59:02 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/16017#M278 NG2019 2019-02-23T00:59:02Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17491#M279 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 <span class="lia-unicode-emoji" title=":money_bag:">💰</span>🧚🏻‍<span class="lia-unicode-emoji" title=":female_sign:">♀️</span> Fri, 01 Mar 2019 07:11:28 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17491#M279 _D 2019-03-01T07:11:28Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17493#M280 I have 0 debt yet my DTI ratio is $31%🤷‍<span class="lia-unicode-emoji" title=":female_sign:">♀️</span>because rent is considered debt! Fri, 01 Mar 2019 07:20:51 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17493#M280 _D 2019-03-01T07:20:51Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17494#M281 Buy through upromise and save even more on your update. Fri, 01 Mar 2019 07:25:16 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17494#M281 _D 2019-03-01T07:25:16Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17495#M282 Does any of this advice work in California? Fri, 01 Mar 2019 09:12:33 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17495#M282 30ecb 2019-03-01T09:12:33Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17847#M283 Since your credit score is so high if you live in a area that’s in a USDA District then you wouldn’t have a down payment to put down cause it’s 100% financing... Any score from 640+ and up can get a USDA Loan with no down payment. Sun, 03 Mar 2019 18:18:13 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17847#M283 Cereon12 2019-03-03T18:18:13Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/18477#M284 Is this related to the USDA up to 80 acre giveaway if you are going to grow? Thu, 07 Mar 2019 05:04:09 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/18477#M284 _D 2019-03-07T05:04:09Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/18621#M285 Wonderful response Fri, 08 Mar 2019 02:58:29 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/18621#M285 Brainswbeauty 2019-03-08T02:58:29Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/19196#M286 All the advices I read below are bad. You want to buy that soon and not wait 5-10 years like all these nutheads are suggesting. Get a second job or create a second job. Start a landscaping company, painting houses on the weekends, uber... whatever gets you busy. The busier you are the less money you spend, the less you have to go into dumpsters eating out of trash cans the more money you make for that 20% down payment. If the mortgage is slightly above the price you were looking for.... buy it and rent some rooms out. Mon, 11 Mar 2019 19:44:34 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/19196#M286 Galexg 2019-03-11T19:44:34Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/19309#M287 What baby step are you? I’m on number two. Tue, 12 Mar 2019 13:58:53 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/19309#M287 Heyitschara 2019-03-12T13:58:53Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/21143#M288 I know a down payment for a house in Colorado is $10k and you can save up $10k for 2.5 years fast .. If you set aside $300/500 a week or a month.. For a condo its $5k .. You have to cut down like Comcast, ..etc to make improvements to saving. Sat, 30 Mar 2019 04:02:46 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/21143#M288 Chanaysk16 2019-03-30T04:02:46Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22353#M289 <P>First of All: 1) you need to START SAVING MONEY any way you can and probably put it in a Credit Union Savings Account since they are currently paying better interest than a Bank. 2) You need an EMERGENCY FUND of at least 6 Months of your Net Salary after Taxes. 3)Don't take on any Debt or Limit it to a Bare Minimum.&nbsp; 4) Apply for a 0% Credit Card with at least 18 months Interest Free that ALSO HAS FREE CREDIT FICO SCORE MONITORING and use it to make small purchases and then make MORE than the Minimum Payment Every Month by either paying off the balance every month or paying at least 4 times the Minimum Payment. Your Credit Limit will be Increased by the Credit Card Company Eventually and Your&nbsp; FICO CREDIT RATING SCORE will most likely INCREASE if you play it right. 5) Check online to see if YOUR STATE has a FIRST TIME HOME BUYER PROGRAM that YOU CAN QUALIFY FOR. Usually they have DOWN PAYMENT ASSISTANCE and LOWER INTEREST RATES. 6) Find a Home you want to Purchase and work with YOUR REAL ESTATE AGENT, NOT THE SELLER'S AGENT to Make a Purchase Offer that requests Cash Back From the Seller at the Closing to USE FOR CLOSING COSTS AND FEES. I did it. The Seller gave me $3,000 for Closing Costs, MY STATE gave me $2,500 for Down Payment Assistance and I bought a $97,000 House for ONLY $1,300 out of MY OWN POCKET. 7) Make sure that in YOUR OFFER TO PURCHASE you RESERVE THE RIGHT to HAVE THE PROPERTY INSPECTED by A HOME INSPECTOR, Request the SELLER PAY FOR REPAIRS(VA &amp; FHA require it), or get CASH at Closing for the Repairs. AND, have ESCAPE CLAUSES, i.e. SUBJECT TO's built in so you can back out of the deal if it's a MAINTENANCE MONEY PIT and the Seller won't budge. Let them keep it! A good BUYERS AGENT will PROTECT YOUR BEST INTERESTS. <span class="lia-unicode-emoji" title=":smiling_face_with_sunglasses:">😎</span> GOOD LUCK, My FIRST Property the Seller wouldn't pay for needed repairs so I dumped him and found another Property and An Initial Offer, Seller Counter, and My Counter Offer, Seller Acceptance and VOILA! I own a home and my P.I.T.I. Mortgage is way cheaper than RENTING A SIMILAR PROPERTY.</P> Mon, 08 Apr 2019 06:15:22 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22353#M289 victorvanhyfte 2019-04-08T06:15:22Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22648#M290 Hi there what class was this? Wed, 10 Apr 2019 03:36:22 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22648#M290 Michele1032 2019-04-10T03:36:22Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22751#M291 <P>In general, I'd suggest not to purchase a home unless you make at least 50% of that per year.&nbsp; If purchasing a 200K home, make at least 100K.&nbsp; Therefore, since you want a 1M home, you need to make 500K.&nbsp; If you can't afford that, move somewhere that has a better cost of living <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span> ... I'm able to follow this rule no problem.</P> Wed, 10 Apr 2019 21:42:32 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22751#M291 Manki1028 2019-04-10T21:42:32Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22760#M292 Love how people optimistic about the paying off all those cars/ student loans in just 5 years. Like everything will be perfect, you will never get any medical bill in that time, car will require 0$ maintenance? Emergency fund is a must. It has always been for me lately, as soon as I start trimming down that debt and save some money- some **bleep** hits a fan... Wed, 10 Apr 2019 22:21:33 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22760#M292 zyxelenator 2019-04-10T22:21:33Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22932#M293 <P><STRONG>Here's from my personal experience:</STRONG></P><P>1.) Been working since 15 years old, didn't go directly to college.&nbsp; Saved 20K working retail / living with parents.&nbsp; Went to community college to knock out as many classes that I could transfer to a 4 year.</P><P>2.) Started 4 year college at 21 (in 2005), purchased my first property at this time to live in while going to school for 55K with 11K down payment (2 bed rooms, 1.5 bath apartment - typical rent was ~700, mortgage was ~200.&nbsp; Still worked while in college to pay living expenses.&nbsp; Rented out one of the bedrooms for half the typical rent to another college student for 350 / month.</P><P>3.) Started career in 2009 near the college</P><P>4.) Sold first property for 60K, purchased a better one for 62K (foreclosure - double the sqft to around 1200 - open floor plan, duplex with 2 bedrooms, 2 full bath, a yard, and garage in 2011 at 27.</P><P>5.) Moved up in career over time</P><P>6.) Sold 2nd property for 92K (yes, a 30K increase in value).&nbsp; Purchased another property for 200K with 40K down to start a family in 2017 at 33.&nbsp; This property is a single family home 2100 sqft, 4 bedrooms, 2 bath, oversized garage, 0.5 acres of land fenced in with gigabit internet available to work from home (software developer / security analyst).&nbsp; It needed about 25K of stuff to fill it.</P><P>&nbsp;</P><P>Savings - Typically I follow the flex 30, fixed 50, saving 20 rule after 401K is taken out of pay.&nbsp; Example: On $100, 6% to 401K to get full matching, leaves $94, then $94 is split to&nbsp; $18.8 in savings to create free cash flow, $47 to pay fixed living expenses (mortgage, car, insurance, HOA, Taxes, Base Grocery, Internet (for me it's job related) - things you can't be without), $28.2 in flex spending - things you CAN be without (eating out, extra grocery items over what's needed to live, nexflix, hulu, TV, etc).&nbsp; If you want to speed up savings, simply tighten down on flex.&nbsp; Also, take your gross pay and multiply it by 6 to get your emergency fund value.&nbsp; Build the emergency fund to this number, after that you can use the extra savings over that amount for investment (e.g. safe investments (ETF/Index) or purchasing a rental property or CD etc.. whatever you're comfortable with).&nbsp; You could also use it to pay off your mortgage faster with principal payments or you could recast the mortgage to allow a larger cash flow ... many options to weigh.&nbsp; Example if we are in a recession or housing crash - Use it to buy cheap homes or pay down mortgage.&nbsp; If in a bull market, invest.&nbsp; I knew some people that had the money sitting in the bank at the last housing crash and made 50K per house they purchased - (e.g. buying for 30K, doing nothing but waiting, and then selling for 80K) - you can rent them while you wait on the market to come back.</P> Thu, 11 Apr 2019 17:25:48 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22932#M293 Manki1028 2019-04-11T17:25:48Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23709#M294 <P>I would love to hear what you've did. My credit has been stuck at a 561. I desire to be debt free to purchase my home. Will you please advise?</P> Mon, 15 Apr 2019 14:51:35 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23709#M294 lljohnson2015 2019-04-15T14:51:35Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23766#M295 Your rent payment counts against you as debt,i.e. getting a credit card is NOT the way to boost your score. You can boost it to 630 if you go through bankruptcy but you must sacrifice to save money so look for an interest bearing checking (try your local credit union) and get paid to save money. Mon, 15 Apr 2019 18:26:55 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23766#M295 _D 2019-04-15T18:26:55Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23778#M296 I got a credit card when I was 18 (easier to get one as a student) .. First one was a $500 limit. I've never paid a dime to the credit card companies.. They typically pay me $2K per year. I always payoff the statement balance every month. I love credit cards because it gives you a firewall between your actual money and spending. Current credit score is like 830 with the Citi double cash being my main card. Basically time and consistent payments is what makes a good credit score. I monitor my credit closely and know my score every week... opening a new card affects by around 15 points and it rebounds in 3 months. I typically open 2 new cards a year for getting the bonus and then close it. I literally have purchased a redbox movie for $1 and got a $500 bonus before <span class="lia-unicode-emoji" title=":face_savoring_food:">😋</span> Mon, 15 Apr 2019 19:24:22 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23778#M296 Manki1028 2019-04-15T19:24:22Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23970#M297 Lots of good advice already but I would add that many companies offer as part of their benefits membership in a discount program. Many times there are offers on mortgages. Check with your employer if you're not sure if they offer one of these programs for their employees. Wed, 17 Apr 2019 01:06:07 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23970#M297 Mammadaisy 2019-04-17T01:06:07Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23971#M298 I hear you. I feel the same way. Wed, 17 Apr 2019 01:10:59 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23971#M298 Mammadaisy 2019-04-17T01:10:59Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23972#M299 Said "not looking to" in regards to 1M home. I had to read that twice too. Wed, 17 Apr 2019 01:14:54 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23972#M299 Mammadaisy 2019-04-17T01:14:54Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/24126#M300 Yo tengo 0$ salvados en pagos bajos Fri, 19 Apr 2019 06:33:34 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/24126#M300 Jose nieves 54 2019-04-19T06:33:34Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/24634#M301 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. Sun, 28 Apr 2019 21:21:28 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/24634#M301 Tina1 2019-04-28T21:21:28Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/24728#M302 <P>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.</P> Wed, 01 May 2019 21:33:33 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/24728#M302 Carl 2019-05-01T21:33:33Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/25246#M303 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. Thu, 16 May 2019 22:29:07 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/25246#M303 Gidgamoe 2019-05-16T22:29:07Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/25247#M304 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. Thu, 16 May 2019 22:35:41 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/25247#M304 Gidgamoe 2019-05-16T22:35:41Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/25277#M305 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! Fri, 17 May 2019 14:22:07 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/25277#M305 Bassffman 2019-05-17T14:22:07Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/383167#M368 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? Tue, 04 Jun 2019 14:21:39 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/383167#M368 DukeTheCloser 2019-06-04T14:21:39Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/754144#M369 See if USDA loans are available where you're looking. They are 0 down. Fri, 07 Jun 2019 21:31:04 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/754144#M369 NMcCormack 2019-06-07T21:31:04Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/806743#M373 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.<BR />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.<BR />3. Assign a percentage for your down payment. 5%, 6%, etc.<BR />4- Work on your debt, or avoid them. This will help you obtain a better interest rate on your mortgage.<BR />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.<BR />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.<BR />It requires discipline and commitment. Good luck and congratulations.<BR /> Sun, 09 Jun 2019 00:21:06 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/806743#M373 ssimba777 2019-06-09T00:21:06Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/814474#M379 Excellent! <span class="lia-unicode-emoji" title=":eyes:">👀</span> Sat, 15 Jun 2019 02:59:45 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/814474#M379 Mowmanmark 2019-06-15T02:59:45Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/814574#M380 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.<BR /><BR />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.<BR /><BR />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. Sat, 15 Jun 2019 12:24:24 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/814574#M380 Dwoods 2019-06-15T12:24:24Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/823385#M397 <P>Join the military for two years. Army has shortest enlistment. Don’t get killed. Report any ptsd or headaches/backaches whatever, get 10% or more disability. Then get out get a VA loan, which have better rates overall since the default is low for veterans, no money down and never pay pmi, with disability (exempt) pay no VA funding fee. Use your gi bill, army college fund, tuition waiver, financial aid and get paid to go to college while you pay off your VA loan financed 4 flat and collect money from your three other tenants as you attend school. Graduate, have a great life!</P> Wed, 03 Jul 2019 16:06:09 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/823385#M397 Boopie 2019-07-03T16:06:09Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/826993#M399 Check out Dave Ramsey. Fri, 12 Jul 2019 13:21:12 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/826993#M399 Deadwind96 2019-07-12T13:21:12Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/832422#M400 i would like to know if you have to pay 3%, 15% or 20% for down payment all the charges are included? like tax and others? would have to pay another agent to look for the house? if so, what are you going to pay him his fair commission? the price is negotiate before? Tue, 23 Jul 2019 22:41:23 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/832422#M400 Frankie 2019-07-23T22:41:23Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/844196#M417 <P>Total nonsense. If someone has, say, a student loan, paying it off over many years before buying a house is simply stupid. And killing yourself by eating **bleep** is even worse idea - your heath will deteriorate, so your work will be affected, so your career will be affected etc. Or, if you are lucky not to get fat and sick, you will waste your youth. Enjoy life, have vacations. Buy affordable house as soon as you have 3.5% using FHA. Yes, you pay mortgage insurance, but IT IS CHEAPER than if you had to put so much cash out. Even when I have 20% down, I still use FHA and use the 20% in another investment. This works, as long as the value of the house goes up or as long as you can for sure afford the mortgage.</P> Thu, 22 Aug 2019 22:42:28 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/844196#M417 nonsense fighter 2019-08-22T22:42:28Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/850115#M426 <P>Are you a veteran by chance? If you ever served in the military and we’re honorably (and sometimes even generally) dischanged, you qualify for $0 down payment.&nbsp;</P><P>&nbsp;</P><P>All active, reserve, and veterans qualify for a VA letter (as long as you served honorably). This letter is a promise from the VA that you will make the payments. It’s not a loan however. You will still need to get a loan through a lender but a down payment is not required.&nbsp;</P> Tue, 10 Sep 2019 10:39:24 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/850115#M426 Stonetone 2019-09-10T10:39:24Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/852147#M429 <P><STRONG>Good advice, but a little over the top there. If you can live below your means before you don't need $10k to rush and outfit a house right away. Setting goals is key, and minimizing expenses to vault your home ownership to top priority should be your main goal.&nbsp;</STRONG></P><P><STRONG>Cutting out all extra expenses, dinners out, coffee shops, movies, etc. If you're married I suggest setting up a 2nd savings and you or your spouses salary goes directly there. Pretend it doesn't exist. Live off one salary. Can't do it? Bull... People do it all the time it just takes work.&nbsp;</STRONG></P><P>&nbsp;</P><P><STRONG>Look for more affordable housing, budget everything!&nbsp;</STRONG></P><P>&nbsp;</P><P><STRONG>You're down payment comes quicker than you'd imagine.&nbsp;</STRONG></P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P> Sun, 15 Sep 2019 12:03:47 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/852147#M429 Cp301 2019-09-15T12:03:47Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/853512#M433 <P><FONT size="5"><STRONG>First sit down with a local Mortgage broker that will give you the straight facts ... talk to more than one ... they should give you an initial consultation for free and not require you to lock into them for a future mortgage.&nbsp;</STRONG></FONT></P><P>&nbsp;</P><P><FONT size="5"><STRONG>They should tell you how you stand now and tell you what you need to do to get where you need to be ... they can also educate you on all the local/state programs to get you down payment assistance and/or low cost mortgage rates.&nbsp;&nbsp;</STRONG></FONT></P><P>&nbsp;</P><P>&nbsp;</P> Wed, 18 Sep 2019 22:03:20 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/853512#M433 Critter 2019-09-18T22:03:20Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/856042#M443 <P>Not very realistic advice in MY area. ENTRY level (first-time buyer) houses START at 1.5M (and usually going for 20-30% HIGHER than asking price). Rents are ASTRONOMICAL (you are EXTREMELY lucky to be paying less than FIFTY percent of your income in rent.) Forget&nbsp; that idea of finding a meal in the dumpster behind McDonald's&nbsp; - you need to be LIVING in that dumpster!</P> Wed, 25 Sep 2019 23:24:46 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/856042#M443 WRJSberlin 2019-09-25T23:24:46Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/952879#M469 <P>Doesn’t work like that at all. Never join the military just for the benefits. I have access to the VA home loan as a veteran and I can’t use it for a multitude of reasons. Using VA benefits is a full time job on its own. The VA loan is only one of many different options for me and in my experience it’s usually not the best option. Every veteran I’ve come across feels the same way about that. Never jump in to anything without knowing all the FACTS. Opinions are everywhere and don’t do anyone any good. The VA loan is a great option for a lot of people but you have your own situation and other people’s opinions don’t apply to you. Getting rid of your debts is definitely a priority though, get on YouTube and start learning about leveraging your debt. You can make huge leaps and strides that way. As for the rest, listen to everyone else besides the clown that told you to join the military. That’s not a solution to anything it’s a life affecting choice that will change you forever.</P> Sat, 09 Nov 2019 21:35:20 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/952879#M469 Debtlevereged 2019-11-09T21:35:20Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953271#M470 <P>You would pry like the book Richest Man in Babylon&nbsp;</P><P>&nbsp;</P> Mon, 11 Nov 2019 12:04:02 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953271#M470 Grateful55 2019-11-11T12:04:02Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953281#M471 <P>You are so full of it. VA loan is the easiest loan you can have.</P> Mon, 11 Nov 2019 12:49:21 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953281#M471 Galexg 2019-11-11T12:49:21Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953282#M472 <P>It sounds like you might make too much to qualify for some first time home buyer perks, but I'd definitely still look into it! I used the first time home buyer grant in my area and they paid my entire down payment and all my fees. I just have to live here for 10 years and not rent or sell it. If I do, it's a pro-rated amount to pay back. Ummm.. the military comment... Unless you legitimately thought about joining before, don't. If you did think about it... Your degree lets you become an officer, which gets you a better salary than enlisted. They'd pretty much pay for your housing while you're in, and you could realistically just save the down payment while you're in. The loan option I took was better than VA home loan. Honestly, most of the time there's a better option than the VA home loan if you have decent credit.</P> Mon, 11 Nov 2019 12:49:44 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953282#M472 Kaci 2019-11-11T12:49:44Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953552#M473 <P>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%.</P><P>&nbsp;</P><P>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.</P><P>&nbsp;</P><P>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.</P><P>&nbsp;</P><P>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.</P><P>&nbsp;</P><P>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.</P> Tue, 12 Nov 2019 06:40:05 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953552#M473 Gidgamoe 2019-11-12T06:40:05Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953554#M474 <P>I would say buy as you go if you are single. Wait until next payday to purchase some of the things you need to live in your new house. Make all purchases with cash, he is recognized every where he goes and is accepted as fair trade.</P> Tue, 12 Nov 2019 06:45:36 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953554#M474 Gidgamoe 2019-11-12T06:45:36Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/954346#M477 <P>Hey,</P><P>Don't waste your hard earned money!!. Live way below your means and save like a maniac!! Track your expenses and beware of where each and every dollar is going...Cut the expenses..literally..! Don't eat out...Don't buy new clothes..you have already plenty. Don't go to vacation until you save enough for downpayment...Don't go to Starbucks, and etc.. Whenever you see something to buy always ask yourself "Do I really need this? and how much time this purchase will delay my dream which is buying a house?". Drive a cheap paid off car.&nbsp; do not have car payments ever. Delay your current pleasure for the sake of your dream house!!!!</P> Thu, 14 Nov 2019 05:33:37 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/954346#M477 irfanpolat 2019-11-14T05:33:37Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/954466#M478 <P>Just stay calm, first if you look at the markets and the bubble we are in you pry don’t want to buy a house just yet. If your able to be patient then I think you’ll find houses a bit cheaper then they are at the moment. Instead of starving yourself and depriving yourself of all life’s luxuries why not figure out a good investment plan like gold or silver? If you invest in yourself and your wisdom of the markets and investing you’ll be better off then you would be with just a house because a house is a liability not an asset no matter what they say. You should read Richest Man in Babylon and then look up Mike Maloney on YouTube and listen to the points he’s making about our current economic situation</P><P>&nbsp;</P><P>Good Luck and enjoy the ride ; )&nbsp;</P><P>&nbsp;</P> Thu, 14 Nov 2019 16:34:41 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/954466#M478 Grateful55 2019-11-14T16:34:41Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1043602#M541 <P>need help finding a home</P> Thu, 30 Jan 2020 10:00:25 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1043602#M541 matthewbaby_26 2020-01-30T10:00:25Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1058772#M556 <P>I see some good advice, but at the end of the day there is only one inescapable truth... the less money you put down the more you will pay in interest, period. I bought my first house on a VA home loan, zero down sounds great, until you realize almost all your early payments are interest, the lender will get their money first. I imagine lenders love VA loans, not only are they guaranteed, they are interest gold mines. The more you put down, the less you pay in interest over the life of the loan, pretty basic concept that seems to escape a lot of people. Just re'fied and are going to buy our second home, having learned lessons from the first which we will turn into a rental, I will be putting down every penny possible on my next VA loan. Lenders will almost try and talk you out of it, especially with a VA. Its in their best interest, no pun intended. We live debt free, stay away from car payments! worst investments out there. Might I suggest spending some time researching money market accounts and mutual funds. Savings accounts are pretty old fashion in my opinion, and there are way easier and effective places to multiply your savings relatively safely over a 5 year term. My personal brokerage account is Fidelity, your core position is managed as a money market account, 1-2% interest, works just like a savings/bank account. This puts you in an easy position to branch out into bonds or mutual funds. Mutual funds with a return on investment horizon of 5 years could seriously multiply your savings as well, with little risk. Instead of depositing that $200 into a savings account purchase more mutual fund shares with every pay check. Dollar cost averaging investments in mutual funds are a tried a tested way to make good investment gains over time. One other thing, find a buyer agent! They can save you a lot of headaches and they will represent you and your best interests and yours only. Only buyer agents are required by law to do this, relators that are not strictly buyer agents have no obligation to you as a buyer to get you the best deal, and many times will work to get the best deal for their commission or for the sellers that they happen to be neighbors with. Good luck!</P> Sat, 01 Feb 2020 06:12:00 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1058772#M556 skidooseadoo83 2020-02-01T06:12:00Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1116235#M607 <P><EM><STRONG>VA loan is the easiest loan you can have.</STRONG></EM></P> <P>While a VA loan is without question the simplest and easiest way to go, it's also the most costly way to borrow money in the long run. Most require no down payment. But that Private Mortgage Insurance will eat up on average, 3 full mortgage payments a year. I'd rather save up, put the 20% down and not have to deal with those atrociously high PMI fees. In my opinion, what banks charge for the PMI insurance should be considered and treated as first degree statutory financial rape. One can go out and buy a 10-year term life insurance policy for 80% cheaper (or more!) than the PMI insurance, and just make the lender to primary beneficiary of any payout, should the borrower die. But lender's won't let you do that since that means they get less money from you. </P> <P>&nbsp;</P> <P>&nbsp;</P> Sun, 09 Feb 2020 00:46:40 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1116235#M607 Carl 2020-02-09T00:46:40Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1123038#M629 <P>Everyone’s making it more complicated than it is... set up your direct deposit from your employer to take the first 10% and deposit it into a locked account. You can set the length of the lock but it will come with higher interest payouts and it ensures you don’t spend it. After a couple months you won’t even notice the missing money and you’ll end up with quite a chunk of change when you’re done.&nbsp;</P> Mon, 10 Feb 2020 02:33:35 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1123038#M629 RbentZ 2020-02-10T02:33:35Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1167334#M663 <P>“the wife doesn’t care about the costs either.” &nbsp;Best way to afford a house? &nbsp;Don’t have a wife <span class="lia-unicode-emoji" title=":winking_face:">😉</span></P> Sun, 16 Feb 2020 22:20:37 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1167334#M663 Lynx_TWO 2020-02-16T22:20:37Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1328745#M797 <P>Thank you! Extremely helpful</P> Tue, 17 Mar 2020 20:06:03 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1328745#M797 Jack36 2020-03-17T20:06:03Z Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1334561#M801 <P>What program and through who is with?</P> Thu, 19 Mar 2020 02:03:07 GMT https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1334561#M801 Csa88 2020-03-19T02:03:07Z
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<rss xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:taxo="http://purl.org/rss/1.0/modules/taxonomy/" version="2.0">
<channel>
<title>
topic Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go: in Home loans
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/16017#M278
</link>
<description>
Let's assume that at 32, this guy already has furniture and cooking utensils wherever he is currently living.<BR />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.<BR />The debt repayment plan is actually good advice.
</description>
<pubDate>Sat, 23 Feb 2019 00:59:02 GMT</pubDate>
<dc:creator>NG2019</dc:creator>
<dc:date>2019-02-23T00:59:02Z</dc:date>
<item>
<title>
I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/5255#M251
</link>
<description>
<P>Title says it all, but I'm looking for a five year plan. How can I save enough for a down payment? And what other things can I do, over these next five years, to prepare me (credit score improvement, etc.)?&nbsp;</P><P>&nbsp;</P><P>Give it to me straight Team.&nbsp;</P><P>&nbsp;</P><P>(oh, and some related details: credit score sits at 760, I have literally no debt at the moment, I can't imagine buying a $1M home so let's assume the down payment will be south of $100K, I'm 32 years old, and I've got a grad degree)</P>
</description>
<pubDate>Fri, 03 Aug 2018 17:54:02 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/5255#M251
</guid>
<dc:creator>JesseJ</dc:creator>
<dc:date>2018-08-03T17:54:02Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/5263#M252
</link>
<description>
<P>Rule number one - Live below your means. If that means beans and rice for lunch and rice and beans for supper, then that's what it is.</P><P>Step 1 - $1000 in the bank as an emergency fund. An emergency is defined as, "If I don't spend this money in my emergency account, my next meal comes from the dumpster behind McDonald's"</P><P>Step 2 - Pay off all existing debt. All of it. Every penny. List your debts from smallest to largest. The interest rate on that debt *does* *not* *matter*. Throw every spare penny at the smallest debt, and make minimum payments on all others. Once that smallest debt is paid off, work on the next debt, which is now your "new" smallest debt. Add what you're not paying on the debt you just paid off, to the&nbsp; minimum payment on&nbsp; your "new" smallest debt, and knock it out. You'll find in no time (commonly less than three years) you'll have no debt at all.</P><P>Step 3 - After paying off that final debt, continue to "pay that bill" each month to yourself, by putting it in savings. First, build up your emergency fund at this point to 3-6 months of living expenses.</P><P>Step 4 - You will need at an absolute minimum, 15% down to buy a house. More commonly it will be 20%. So if you're looking to buy a $100,000 house, (not unrealistic any many areas of the country) then you need to save at least $30,000. Why 30%? Easy. If you put 15%-20% down, that leaves you $10K to "move in". There's more to buying your first home besides the down payment. You're gonna spend some serious money making your new home move-in ready. First order of business is curtains. Then you need furniture. You have to pay deposits to the electric, water, gas, etc. I can tell you for a fact that the "first run" to the grocery store to stock the kitchen will cost you no less than $500. YOu need plates, pots, pans, cooking utensils, silverware, etc. That's just the kitchen. In the bedroom you need more than a bed and curtains for the windows. You need pillows, linens, a place to store your cloths, coat hangers for the closet, picture hangers for those pictures you want to hang on the wall. Basically, you can see how easy it is to justify $10K to set up a new house and move into it. If you're married, then you can double that amount. If you have kids, triple it.</P><P>Now I've barely touched the tip of this iceberg. So I encourage you to talk to other homeowners about their first time experiences. Ask them what they would have done differently, if they had known or realized it at the time that they could have done things differently. So learn from the "shoulda, coulda, woulda" experience of others, as much as you possibly can. There's no such thing as to much knowledge.</P><P>Most importantly, when it comes down to the wire and you're seriously ready to buy, it's a scary feeling that first time. But follow your gut instincts and you'll come out ahead. If it doesn't "feel right", then most likely it isn't right. Do what makes you feel good, not what makes you look good. Feelings last forever. Looks, not so much.</P>
</description>
<pubDate>Fri, 03 Aug 2018 21:21:52 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/5263#M252
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2018-08-03T21:21:52Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/6442#M253
</link>
<description>
<P>What Carl said is pretty good advice, a couple of things that might help you plan is know where you want to buy and find out how much homes in that area typically sell for now and what they are estimated to cost in 5 years. I'm in a similar situation, except I'm wanting to buy now and I've been looking for a home in my area and I'm find out that the price is way higher than what it was 5 years ago. Also research what home buying assistance program are available in your area to find out what they offer as well as requirements, especially if you are a first time buyer. Some lenders may have programs that only require 3% verses 20% down payment at closing. But, basically you just want to start putting money into a saving that you don't have easy access to, so you won't be tempted to spend and see if your employer has any programs that will match what you will put into a savings. Hope this helps and good luck on exceeding your goals!</P>
</description>
<pubDate>Sat, 06 Oct 2018 21:51:31 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/6442#M253
</guid>
<dc:creator>SD18</dc:creator>
<dc:date>2018-10-06T21:51:31Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/6443#M254
</link>
<description>
<P>It's kinda humorous sometimes, the folks I talk with looking to buy their first house. Usually newly married couples. They say they'll be fine with the down payment in the bank, and don't need anything extra. They "justify" it with the fact that they'll be using the furniture they already own, that's in the house they're now renting and that "friends" will be helping them move and relocate to the newly purchased house. Then I remind them of a few things.</P><P>&nbsp;- The curtains you have will not fit all the windows in your new house. Curtains aren't cheap, and the wife doesn't care about the cost either. She's not going to tolerate those piss green curtains in "ANY" room, and especially not *her* bathroom.</P><P>&nbsp;- Those "friends" who helped you move? They're expecting to be invited to the house warming party the next weekend. While they may not get steak and lobster, there damn well better be beer!</P><P>&nbsp;</P>
</description>
<pubDate>Sun, 07 Oct 2018 00:15:24 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/6443#M254
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2018-10-07T00:15:24Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/8193#M255
</link>
<description>
The advice here is good so far.<BR /><BR />Few things.<BR />For deposit, you can definitely go down to 3%. There are conventional loans and FHA loans that allow that. For all deposits under 20%, You will have to pay private mortgage insurance which will be added to your monthly payments and you will also have an escrow account which will hold your taxes and home insurance too.<BR /><BR />For now, you need to create a budget so you know where your money is going. In your budget set aside money for emergencies and also money for the new home. Two sites I have used their tools are Iwasbrokeandnowimnot and EveryDollar. Simple things like if you get a bonus rather than spending it, put aside would help. Also depending on how you get paid, if biweekly for example, you get two extra paycheck a year, you can choose to put that aside. With a budget, every thing you do not spend, allocate to your home fund.<BR />Clearing your debt is important so follow the advice from one of the other posters here. If you want to incur any new debt, like buying a car, do it now. The closer you are to the end of the five year the less new debt you should incur.<BR />When it comes to mortgages, one thing I’ve learnt is not to make hard inquiries when shopping around, it can seriously affect your score. You are only allowed soft inquiries.<BR />Sites like credit karma and credit sesame can help you monitor you credit score. Your credit card could also have credit monitoring service, use them.<BR />Apart from down payment, you are also saving for closing costs which can be up to 6% of your loan amount. While you may be able to finance some of these and have a seller pay for some of it, saving for this can provide you with breathing room.<BR />Good luck
</description>
<pubDate>Sat, 15 Dec 2018 20:15:47 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/8193#M255
</guid>
<dc:creator>Cricketrmgss</dc:creator>
<dc:date>2018-12-15T20:15:47Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/8925#M256
</link>
<description>
Open an American Express savings account. Mine pays 2%. Then have automatic withdrawals every pay period for your goal amount. So if your looking at saving $30k in five years and you get paid biweekly then the withdrawal will be $231 a pp. They will send you a notice in advance that the withdrawal is coming out so it doesn’t surprise you. In 5 years youll have $30k.<BR />You can also go and get a 5 year bind so that you cant touch the money until your ready to by the house.
</description>
<pubDate>Sat, 12 Jan 2019 17:33:48 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/8925#M256
</guid>
<dc:creator>hollyteniele</dc:creator>
<dc:date>2019-01-12T17:33:48Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/9724#M257
</link>
<description><P>Dave Ramsey fan.... saw you a mile away.</P></description>
<pubDate>Sat, 26 Jan 2019 23:14:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/9724#M257
</guid>
<dc:creator>tcolgrove</dc:creator>
<dc:date>2019-01-26T23:14:09Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/9732#M258
</link>
<description>
<P>Not just a fan, and not just a follower. I'm a doer. Been debt free for 10 years and loving every minute of it.</P>
</description>
<pubDate>Sun, 27 Jan 2019 00:32:37 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/9732#M258
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2019-01-27T00:32:37Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/9885#M259
</link>
<description>
<P>$50 in a savings account per week. That is $2600 per year. In 5 years that's a 13,000 down payment. And BTW&nbsp; there is a program for First Time home Buyers where you take a class and you are not required a down payment. That's what I did and I have owned my own home since I was 24. Good Luck.</P><P>&nbsp;</P>
</description>
<pubDate>Mon, 28 Jan 2019 19:33:34 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/9885#M259
</guid>
<dc:creator>Kirsten32F</dc:creator>
<dc:date>2019-01-28T19:33:34Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/10337#M260
</link>
<description>
<P>I know this post is kind of old, but I just wanted to add in there just in case you still are looking for advice or if other people look by.....&nbsp;</P><P>&nbsp;</P><P>You should look into first-time homebuyer incentives in the area. Many are income based, so you might not qualify, but some places have incentives for buying in certain areas. Also, if you're interested in buying in a rural area you can put 0% down on a USDA rural loan. Just things to consider and look into <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span> I just purchased my home in July of 2018 and got $500 back at closing because I used a first time homeowners incentive and also got the seller to pay $2k of the closing costs. It worked out well for me!</P>
</description>
<pubDate>Thu, 31 Jan 2019 17:24:21 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/10337#M260
</guid>
<dc:creator>Kaci</dc:creator>
<dc:date>2019-01-31T17:24:21Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/10436#M261
</link>
<description>Look into NACA! I'm going through them!</description>
<pubDate>Thu, 31 Jan 2019 23:16:48 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/10436#M261
</guid>
<dc:creator>tesia819</dc:creator>
<dc:date>2019-01-31T23:16:48Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/10947#M262
</link>
<description>
Listen, all of those other advice are nice. But there is an easier solution. Join the military, serve in the best military in the world. After you get out, the VA home loan, no money down for a house.
</description>
<pubDate>Mon, 04 Feb 2019 02:50:00 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/10947#M262
</guid>
<dc:creator>Brockrees</dc:creator>
<dc:date>2019-02-04T02:50:00Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/11086#M263
</link>
<description>I have no **bleep**ing money let me in</description>
<pubDate>Tue, 05 Feb 2019 01:41:59 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/11086#M263
</guid>
<dc:creator>Hms1970</dc:creator>
<dc:date>2019-02-05T01:41:59Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/12003#M264
</link>
<description>
Lol curtains are the first order of business and were mentioned twice? We have bought two homes and they've never been in discussion for either!
</description>
<pubDate>Sun, 10 Feb 2019 18:18:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/12003#M264
</guid>
<dc:creator>Dwoods</dc:creator>
<dc:date>2019-02-10T18:18:28Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/12358#M265
</link>
<description>
<P>Here are the elements to get you the best interest rate: a) FICO 740 or above, b) Debt to Income (DTI) less than 50%, c) no derogatory items on your credit report, d) being a full-time employee in the same line of work with no gaps for at least 2 years with stable or increasing annual income.</P><P>&nbsp;</P><P>There are loan products that allow as little as 3% down for first time home buyers. As mentioned before, mortgage insurance (MI or PMI) is required (either borrower paid or lender paid) for loan to values (LTV) greater than 80%, typically. If PMI is lender paid, it results in a slightly higher interest rate but you do not see an actually monthly line item for that cost; it also means you pay for it the entire term of the loan rather than being able to cancel PMI once your LTV reaches 78% of the initial purchase price.</P><P>&nbsp;</P><P>Keep in mind that on top of a down payment you will have other closing costs and fees to cover, such as: appraisal, home inspections, title, escrow reserves, pre-pays for home insurance and interest. If the home you are looking at has mandatory HOA dues, those will need to be factored in to your overall monthly payment too.</P><P>&nbsp;</P><P>Don't think you are looking for the home you will retire in as your first home purchase. You are looking for a starter home to stay in less than 10 years, typically.&nbsp; Good luck!</P>
</description>
<pubDate>Tue, 12 Feb 2019 14:31:49 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/12358#M265
</guid>
<dc:creator>JesseMc</dc:creator>
<dc:date>2019-02-12T14:31:49Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/12524#M266
</link>
<description>
This right here, this is the best answer to the posters question.<BR />The others assume they have debt, but they said they have none.<BR /><BR />Even 30k might be a bit much depending on the cost of the house they’re looking for, but you certainly gave the best answer.
</description>
<pubDate>Wed, 13 Feb 2019 12:37:19 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/12524#M266
</guid>
<dc:creator>Benjaminboogers</dc:creator>
<dc:date>2019-02-13T12:37:19Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13264#M267
</link>
<description>
First, look to see if your state has any Programs that help with down payment assistance. There may be First Time Homebuyer's assistance for example. In Nevada, they have several programs where the State pays closing costs, they pay the down payment and it's not limited to first time buyers. The max income to quality for Nevada's program is $95k with a minimum credit score of 640. These prorams may have a higher interest rate but they give you free money to get into a home. Regarding down payments, if you put less than 20% down you will be charged PMI or mortgage insurance. This will be tacked onto your mortgage and will increase your monthly payments.<BR /><BR />Next, ask yourself how much you're willing to pay in mortgage payments every month. Not only that, but factor in utilities and possibly HOA fees. Water, Energy, Gas, Trash/Recycling, Internet should all be factored into your monthly payments. Keep in mind that depending where you live, your Energy bill mY have huge spikes from heavy use of AC or Heating. Also, once you buy there is a daunting realization that you have to be able to make this mortgage payment FOREVER (or unless you sell the property). So you have to be comfortable with the monthly mortgage payment.<BR /><BR />Next, Loan Type. Buyers accept offers in the following order: Cash, Conventional, FHA, VA . I recommend you go with a Conventional Loan. But definitely ask your lender about the differences.<BR />Also factor in how much remodeling you need to do. That will cost you!<BR /><BR />Oh also, you need to SEASON your money. That means, your money needs to sit in your accounts UNTOUCHED for several months while you look for a property. The lender will ask you for bank statements to see where your money is coming from and where it goes, while they determine if you are able to maintain a mortgage. That means no opening of any new credit accounts and no big purchases.<BR /><BR />CLOSING COSTS. This one surprised me. I was so focused on the down payment, I didn't realize you needed just as much in closing costs! Ok, you don't need a 20% payment in closing costs, but this is the point where everyone gets paid. So be prepared to set aside a couple THOUSAND dollars for closing costs. You can negotiate who covers these costs (seller, buyer) or you can split the costs. This is also used in the negotiating to buy, because sellers are prone to accept offers where Buyers pay closing costs.<BR /><BR />Well you're debt free so that is fantastic!!! The important thing to know is that you may be offered a big loan, but you must think of a monthly payment you are comfortable paying Evey month, even if. You lose your job.<BR /><BR />Since you are debt free, you should have no problem Saving for a 20% downpayment. You could probably get into a home sooner than 5yrs.
</description>
<pubDate>Sat, 16 Feb 2019 19:27:57 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13264#M267
</guid>
<dc:creator>SopranoJessi</dc:creator>
<dc:date>2019-02-16T19:27:57Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13266#M268
</link>
<description>
Right?!? My home came with solid, thick, wooden blinds! Didn't need to touch them!
</description>
<pubDate>Sat, 16 Feb 2019 19:33:26 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13266#M268
</guid>
<dc:creator>SopranoJessi</dc:creator>
<dc:date>2019-02-16T19:33:26Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13959#M269
</link>
<description>
<P>Step 2 is flawed logic. Make excess principal payments on your highest interest rate loans first. This will result in the fastest paydown of outstanding debt as it will reduce interest costs.</P>
</description>
<pubDate>Mon, 18 Feb 2019 18:45:52 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13959#M269
</guid>
<dc:creator>dc01876</dc:creator>
<dc:date>2019-02-18T18:45:52Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13963#M270
</link>
<description>
<P>Exactly! Great, you paid off a small lump, but the big one is getting hammered with higher interest. Don't ignore higher interest rates.</P>
</description>
<pubDate>Mon, 18 Feb 2019 18:54:19 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13963#M270
</guid>
<dc:creator>Dwoods</dc:creator>
<dc:date>2019-02-18T18:54:19Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13966#M271
</link>
<description>
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!
</description>
<pubDate>Mon, 18 Feb 2019 19:01:49 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/13966#M271
</guid>
<dc:creator>SopranoJessi</dc:creator>
<dc:date>2019-02-18T19:01:49Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14717#M272
</link>
<description>
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.
</description>
<pubDate>Wed, 20 Feb 2019 04:14:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14717#M272
</guid>
<dc:creator>CJATLRealtor</dc:creator>
<dc:date>2019-02-20T04:14:22Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14772#M273
</link>
<description>
<P>what are these classes and who are they through?.... a little more info would be very helpful.</P>
</description>
<pubDate>Wed, 20 Feb 2019 10:39:41 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14772#M273
</guid>
<dc:creator>GRC3</dc:creator>
<dc:date>2019-02-20T10:39:41Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14790#M274
</link>
<description>
"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!
</description>
<pubDate>Wed, 20 Feb 2019 11:48:53 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14790#M274
</guid>
<dc:creator>CJATLRealtor</dc:creator>
<dc:date>2019-02-20T11:48:53Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14886#M275
</link>
<description>
<P>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.&nbsp;</P>
</description>
<pubDate>Wed, 20 Feb 2019 16:28:07 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/14886#M275
</guid>
<dc:creator>CLASSMaster</dc:creator>
<dc:date>2019-02-20T16:28:07Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/15926#M276
</link>
<description>
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.
</description>
<pubDate>Fri, 22 Feb 2019 20:53:34 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/15926#M276
</guid>
<dc:creator>devbommarito</dc:creator>
<dc:date>2019-02-22T20:53:34Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/16015#M277
</link>
<description>
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.<BR />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.<BR />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.
</description>
<pubDate>Sat, 23 Feb 2019 00:54:17 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/16015#M277
</guid>
<dc:creator>NG2019</dc:creator>
<dc:date>2019-02-23T00:54:17Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/16017#M278
</link>
<description>
Let's assume that at 32, this guy already has furniture and cooking utensils wherever he is currently living.<BR />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.<BR />The debt repayment plan is actually good advice.
</description>
<pubDate>Sat, 23 Feb 2019 00:59:02 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/16017#M278
</guid>
<dc:creator>NG2019</dc:creator>
<dc:date>2019-02-23T00:59:02Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17491#M279
</link>
<description>
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 <span class="lia-unicode-emoji" title=":money_bag:">💰</span>🧚🏻‍<span class="lia-unicode-emoji" title=":female_sign:">♀️</span>
</description>
<pubDate>Fri, 01 Mar 2019 07:11:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17491#M279
</guid>
<dc:creator>_D</dc:creator>
<dc:date>2019-03-01T07:11:28Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17493#M280
</link>
<description>
I have 0 debt yet my DTI ratio is $31%🤷‍<span class="lia-unicode-emoji" title=":female_sign:">♀️</span>because rent is considered debt!
</description>
<pubDate>Fri, 01 Mar 2019 07:20:51 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17493#M280
</guid>
<dc:creator>_D</dc:creator>
<dc:date>2019-03-01T07:20:51Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17494#M281
</link>
<description>
Buy through upromise and save even more on your update.
</description>
<pubDate>Fri, 01 Mar 2019 07:25:16 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17494#M281
</guid>
<dc:creator>_D</dc:creator>
<dc:date>2019-03-01T07:25:16Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17495#M282
</link>
<description>Does any of this advice work in California?</description>
<pubDate>Fri, 01 Mar 2019 09:12:33 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17495#M282
</guid>
<dc:creator>30ecb</dc:creator>
<dc:date>2019-03-01T09:12:33Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17847#M283
</link>
<description>
Since your credit score is so high if you live in a area that’s in a USDA District then you wouldn’t have a down payment to put down cause it’s 100% financing... Any score from 640+ and up can get a USDA Loan with no down payment.
</description>
<pubDate>Sun, 03 Mar 2019 18:18:13 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/17847#M283
</guid>
<dc:creator>Cereon12</dc:creator>
<dc:date>2019-03-03T18:18:13Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/18477#M284
</link>
<description>
Is this related to the USDA up to 80 acre giveaway if you are going to grow?
</description>
<pubDate>Thu, 07 Mar 2019 05:04:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/18477#M284
</guid>
<dc:creator>_D</dc:creator>
<dc:date>2019-03-07T05:04:09Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/18621#M285
</link>
<description>Wonderful response</description>
<pubDate>Fri, 08 Mar 2019 02:58:29 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/18621#M285
</guid>
<dc:creator>Brainswbeauty</dc:creator>
<dc:date>2019-03-08T02:58:29Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/19196#M286
</link>
<description>
All the advices I read below are bad. You want to buy that soon and not wait 5-10 years like all these nutheads are suggesting. Get a second job or create a second job. Start a landscaping company, painting houses on the weekends, uber... whatever gets you busy. The busier you are the less money you spend, the less you have to go into dumpsters eating out of trash cans the more money you make for that 20% down payment. If the mortgage is slightly above the price you were looking for.... buy it and rent some rooms out.
</description>
<pubDate>Mon, 11 Mar 2019 19:44:34 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/19196#M286
</guid>
<dc:creator>Galexg</dc:creator>
<dc:date>2019-03-11T19:44:34Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/19309#M287
</link>
<description>What baby step are you? I’m on number two.</description>
<pubDate>Tue, 12 Mar 2019 13:58:53 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/19309#M287
</guid>
<dc:creator>Heyitschara</dc:creator>
<dc:date>2019-03-12T13:58:53Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/21143#M288
</link>
<description>
I know a down payment for a house in Colorado is $10k and you can save up $10k for 2.5 years fast .. If you set aside $300/500 a week or a month.. For a condo its $5k .. You have to cut down like Comcast, ..etc to make improvements to saving.
</description>
<pubDate>Sat, 30 Mar 2019 04:02:46 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/21143#M288
</guid>
<dc:creator>Chanaysk16</dc:creator>
<dc:date>2019-03-30T04:02:46Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22353#M289
</link>
<description>
<P>First of All: 1) you need to START SAVING MONEY any way you can and probably put it in a Credit Union Savings Account since they are currently paying better interest than a Bank. 2) You need an EMERGENCY FUND of at least 6 Months of your Net Salary after Taxes. 3)Don't take on any Debt or Limit it to a Bare Minimum.&nbsp; 4) Apply for a 0% Credit Card with at least 18 months Interest Free that ALSO HAS FREE CREDIT FICO SCORE MONITORING and use it to make small purchases and then make MORE than the Minimum Payment Every Month by either paying off the balance every month or paying at least 4 times the Minimum Payment. Your Credit Limit will be Increased by the Credit Card Company Eventually and Your&nbsp; FICO CREDIT RATING SCORE will most likely INCREASE if you play it right. 5) Check online to see if YOUR STATE has a FIRST TIME HOME BUYER PROGRAM that YOU CAN QUALIFY FOR. Usually they have DOWN PAYMENT ASSISTANCE and LOWER INTEREST RATES. 6) Find a Home you want to Purchase and work with YOUR REAL ESTATE AGENT, NOT THE SELLER'S AGENT to Make a Purchase Offer that requests Cash Back From the Seller at the Closing to USE FOR CLOSING COSTS AND FEES. I did it. The Seller gave me $3,000 for Closing Costs, MY STATE gave me $2,500 for Down Payment Assistance and I bought a $97,000 House for ONLY $1,300 out of MY OWN POCKET. 7) Make sure that in YOUR OFFER TO PURCHASE you RESERVE THE RIGHT to HAVE THE PROPERTY INSPECTED by A HOME INSPECTOR, Request the SELLER PAY FOR REPAIRS(VA &amp; FHA require it), or get CASH at Closing for the Repairs. AND, have ESCAPE CLAUSES, i.e. SUBJECT TO's built in so you can back out of the deal if it's a MAINTENANCE MONEY PIT and the Seller won't budge. Let them keep it! A good BUYERS AGENT will PROTECT YOUR BEST INTERESTS. <span class="lia-unicode-emoji" title=":smiling_face_with_sunglasses:">😎</span> GOOD LUCK, My FIRST Property the Seller wouldn't pay for needed repairs so I dumped him and found another Property and An Initial Offer, Seller Counter, and My Counter Offer, Seller Acceptance and VOILA! I own a home and my P.I.T.I. Mortgage is way cheaper than RENTING A SIMILAR PROPERTY.</P>
</description>
<pubDate>Mon, 08 Apr 2019 06:15:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22353#M289
</guid>
<dc:creator>victorvanhyfte</dc:creator>
<dc:date>2019-04-08T06:15:22Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22648#M290
</link>
<description>Hi there what class was this?</description>
<pubDate>Wed, 10 Apr 2019 03:36:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22648#M290
</guid>
<dc:creator>Michele1032</dc:creator>
<dc:date>2019-04-10T03:36:22Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22751#M291
</link>
<description>
<P>In general, I'd suggest not to purchase a home unless you make at least 50% of that per year.&nbsp; If purchasing a 200K home, make at least 100K.&nbsp; Therefore, since you want a 1M home, you need to make 500K.&nbsp; If you can't afford that, move somewhere that has a better cost of living <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span> ... I'm able to follow this rule no problem.</P>
</description>
<pubDate>Wed, 10 Apr 2019 21:42:32 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22751#M291
</guid>
<dc:creator>Manki1028</dc:creator>
<dc:date>2019-04-10T21:42:32Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22760#M292
</link>
<description>
Love how people optimistic about the paying off all those cars/ student loans in just 5 years. Like everything will be perfect, you will never get any medical bill in that time, car will require 0$ maintenance? Emergency fund is a must. It has always been for me lately, as soon as I start trimming down that debt and save some money- some **bleep** hits a fan...
</description>
<pubDate>Wed, 10 Apr 2019 22:21:33 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22760#M292
</guid>
<dc:creator>zyxelenator</dc:creator>
<dc:date>2019-04-10T22:21:33Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22932#M293
</link>
<description>
<P><STRONG>Here's from my personal experience:</STRONG></P><P>1.) Been working since 15 years old, didn't go directly to college.&nbsp; Saved 20K working retail / living with parents.&nbsp; Went to community college to knock out as many classes that I could transfer to a 4 year.</P><P>2.) Started 4 year college at 21 (in 2005), purchased my first property at this time to live in while going to school for 55K with 11K down payment (2 bed rooms, 1.5 bath apartment - typical rent was ~700, mortgage was ~200.&nbsp; Still worked while in college to pay living expenses.&nbsp; Rented out one of the bedrooms for half the typical rent to another college student for 350 / month.</P><P>3.) Started career in 2009 near the college</P><P>4.) Sold first property for 60K, purchased a better one for 62K (foreclosure - double the sqft to around 1200 - open floor plan, duplex with 2 bedrooms, 2 full bath, a yard, and garage in 2011 at 27.</P><P>5.) Moved up in career over time</P><P>6.) Sold 2nd property for 92K (yes, a 30K increase in value).&nbsp; Purchased another property for 200K with 40K down to start a family in 2017 at 33.&nbsp; This property is a single family home 2100 sqft, 4 bedrooms, 2 bath, oversized garage, 0.5 acres of land fenced in with gigabit internet available to work from home (software developer / security analyst).&nbsp; It needed about 25K of stuff to fill it.</P><P>&nbsp;</P><P>Savings - Typically I follow the flex 30, fixed 50, saving 20 rule after 401K is taken out of pay.&nbsp; Example: On $100, 6% to 401K to get full matching, leaves $94, then $94 is split to&nbsp; $18.8 in savings to create free cash flow, $47 to pay fixed living expenses (mortgage, car, insurance, HOA, Taxes, Base Grocery, Internet (for me it's job related) - things you can't be without), $28.2 in flex spending - things you CAN be without (eating out, extra grocery items over what's needed to live, nexflix, hulu, TV, etc).&nbsp; If you want to speed up savings, simply tighten down on flex.&nbsp; Also, take your gross pay and multiply it by 6 to get your emergency fund value.&nbsp; Build the emergency fund to this number, after that you can use the extra savings over that amount for investment (e.g. safe investments (ETF/Index) or purchasing a rental property or CD etc.. whatever you're comfortable with).&nbsp; You could also use it to pay off your mortgage faster with principal payments or you could recast the mortgage to allow a larger cash flow ... many options to weigh.&nbsp; Example if we are in a recession or housing crash - Use it to buy cheap homes or pay down mortgage.&nbsp; If in a bull market, invest.&nbsp; I knew some people that had the money sitting in the bank at the last housing crash and made 50K per house they purchased - (e.g. buying for 30K, doing nothing but waiting, and then selling for 80K) - you can rent them while you wait on the market to come back.</P>
</description>
<pubDate>Thu, 11 Apr 2019 17:25:48 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/22932#M293
</guid>
<dc:creator>Manki1028</dc:creator>
<dc:date>2019-04-11T17:25:48Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23709#M294
</link>
<description>
<P>I would love to hear what you've did. My credit has been stuck at a 561. I desire to be debt free to purchase my home. Will you please advise?</P>
</description>
<pubDate>Mon, 15 Apr 2019 14:51:35 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23709#M294
</guid>
<dc:creator>lljohnson2015</dc:creator>
<dc:date>2019-04-15T14:51:35Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23766#M295
</link>
<description>
Your rent payment counts against you as debt,i.e. getting a credit card is NOT the way to boost your score. You can boost it to 630 if you go through bankruptcy but you must sacrifice to save money so look for an interest bearing checking (try your local credit union) and get paid to save money.
</description>
<pubDate>Mon, 15 Apr 2019 18:26:55 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23766#M295
</guid>
<dc:creator>_D</dc:creator>
<dc:date>2019-04-15T18:26:55Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23778#M296
</link>
<description>
I got a credit card when I was 18 (easier to get one as a student) .. First one was a $500 limit. I've never paid a dime to the credit card companies.. They typically pay me $2K per year. I always payoff the statement balance every month. I love credit cards because it gives you a firewall between your actual money and spending. Current credit score is like 830 with the Citi double cash being my main card. Basically time and consistent payments is what makes a good credit score. I monitor my credit closely and know my score every week... opening a new card affects by around 15 points and it rebounds in 3 months. I typically open 2 new cards a year for getting the bonus and then close it. I literally have purchased a redbox movie for $1 and got a $500 bonus before <span class="lia-unicode-emoji" title=":face_savoring_food:">😋</span>
</description>
<pubDate>Mon, 15 Apr 2019 19:24:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23778#M296
</guid>
<dc:creator>Manki1028</dc:creator>
<dc:date>2019-04-15T19:24:22Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23970#M297
</link>
<description>
Lots of good advice already but I would add that many companies offer as part of their benefits membership in a discount program. Many times there are offers on mortgages. Check with your employer if you're not sure if they offer one of these programs for their employees.
</description>
<pubDate>Wed, 17 Apr 2019 01:06:07 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23970#M297
</guid>
<dc:creator>Mammadaisy</dc:creator>
<dc:date>2019-04-17T01:06:07Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23971#M298
</link>
<description>I hear you. I feel the same way.</description>
<pubDate>Wed, 17 Apr 2019 01:10:59 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23971#M298
</guid>
<dc:creator>Mammadaisy</dc:creator>
<dc:date>2019-04-17T01:10:59Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23972#M299
</link>
<description>
Said "not looking to" in regards to 1M home. I had to read that twice too.
</description>
<pubDate>Wed, 17 Apr 2019 01:14:54 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/23972#M299
</guid>
<dc:creator>Mammadaisy</dc:creator>
<dc:date>2019-04-17T01:14:54Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/24126#M300
</link>
<description>Yo tengo 0$ salvados en pagos bajos</description>
<pubDate>Fri, 19 Apr 2019 06:33:34 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/24126#M300
</guid>
<dc:creator>Jose nieves 54</dc:creator>
<dc:date>2019-04-19T06:33:34Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/24634#M301
</link>
<description>
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.
</description>
<pubDate>Sun, 28 Apr 2019 21:21:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/24634#M301
</guid>
<dc:creator>Tina1</dc:creator>
<dc:date>2019-04-28T21:21:28Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/24728#M302
</link>
<description>
<P>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.</P>
</description>
<pubDate>Wed, 01 May 2019 21:33:33 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/24728#M302
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2019-05-01T21:33:33Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/25246#M303
</link>
<description>
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.
</description>
<pubDate>Thu, 16 May 2019 22:29:07 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/25246#M303
</guid>
<dc:creator>Gidgamoe</dc:creator>
<dc:date>2019-05-16T22:29:07Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/25247#M304
</link>
<description>
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.
</description>
<pubDate>Thu, 16 May 2019 22:35:41 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/25247#M304
</guid>
<dc:creator>Gidgamoe</dc:creator>
<dc:date>2019-05-16T22:35:41Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/25277#M305
</link>
<description>
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!
</description>
<pubDate>Fri, 17 May 2019 14:22:07 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/25277#M305
</guid>
<dc:creator>Bassffman</dc:creator>
<dc:date>2019-05-17T14:22:07Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/383167#M368
</link>
<description>
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?
</description>
<pubDate>Tue, 04 Jun 2019 14:21:39 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/383167#M368
</guid>
<dc:creator>DukeTheCloser</dc:creator>
<dc:date>2019-06-04T14:21:39Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/754144#M369
</link>
<description>
See if USDA loans are available where you're looking. They are 0 down.
</description>
<pubDate>Fri, 07 Jun 2019 21:31:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/754144#M369
</guid>
<dc:creator>NMcCormack</dc:creator>
<dc:date>2019-06-07T21:31:04Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/806743#M373
</link>
<description>
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.<BR />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.<BR />3. Assign a percentage for your down payment. 5%, 6%, etc.<BR />4- Work on your debt, or avoid them. This will help you obtain a better interest rate on your mortgage.<BR />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.<BR />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.<BR />It requires discipline and commitment. Good luck and congratulations.<BR />
</description>
<pubDate>Sun, 09 Jun 2019 00:21:06 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/806743#M373
</guid>
<dc:creator>ssimba777</dc:creator>
<dc:date>2019-06-09T00:21:06Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/814474#M379
</link>
<description>
Excellent! <span class="lia-unicode-emoji" title=":eyes:">👀</span>
</description>
<pubDate>Sat, 15 Jun 2019 02:59:45 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/814474#M379
</guid>
<dc:creator>Mowmanmark</dc:creator>
<dc:date>2019-06-15T02:59:45Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/814574#M380
</link>
<description>
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.<BR /><BR />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.<BR /><BR />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.
</description>
<pubDate>Sat, 15 Jun 2019 12:24:24 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/814574#M380
</guid>
<dc:creator>Dwoods</dc:creator>
<dc:date>2019-06-15T12:24:24Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/823385#M397
</link>
<description>
<P>Join the military for two years. Army has shortest enlistment. Don’t get killed. Report any ptsd or headaches/backaches whatever, get 10% or more disability. Then get out get a VA loan, which have better rates overall since the default is low for veterans, no money down and never pay pmi, with disability (exempt) pay no VA funding fee. Use your gi bill, army college fund, tuition waiver, financial aid and get paid to go to college while you pay off your VA loan financed 4 flat and collect money from your three other tenants as you attend school. Graduate, have a great life!</P>
</description>
<pubDate>Wed, 03 Jul 2019 16:06:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/823385#M397
</guid>
<dc:creator>Boopie</dc:creator>
<dc:date>2019-07-03T16:06:09Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/826993#M399
</link>
<description>Check out Dave Ramsey.</description>
<pubDate>Fri, 12 Jul 2019 13:21:12 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/826993#M399
</guid>
<dc:creator>Deadwind96</dc:creator>
<dc:date>2019-07-12T13:21:12Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/832422#M400
</link>
<description>
i would like to know if you have to pay 3%, 15% or 20% for down payment all the charges are included? like tax and others? would have to pay another agent to look for the house? if so, what are you going to pay him his fair commission? the price is negotiate before?
</description>
<pubDate>Tue, 23 Jul 2019 22:41:23 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/832422#M400
</guid>
<dc:creator>Frankie</dc:creator>
<dc:date>2019-07-23T22:41:23Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/844196#M417
</link>
<description>
<P>Total nonsense. If someone has, say, a student loan, paying it off over many years before buying a house is simply stupid. And killing yourself by eating **bleep** is even worse idea - your heath will deteriorate, so your work will be affected, so your career will be affected etc. Or, if you are lucky not to get fat and sick, you will waste your youth. Enjoy life, have vacations. Buy affordable house as soon as you have 3.5% using FHA. Yes, you pay mortgage insurance, but IT IS CHEAPER than if you had to put so much cash out. Even when I have 20% down, I still use FHA and use the 20% in another investment. This works, as long as the value of the house goes up or as long as you can for sure afford the mortgage.</P>
</description>
<pubDate>Thu, 22 Aug 2019 22:42:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/844196#M417
</guid>
<dc:creator>nonsense fighter</dc:creator>
<dc:date>2019-08-22T22:42:28Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/850115#M426
</link>
<description>
<P>Are you a veteran by chance? If you ever served in the military and we’re honorably (and sometimes even generally) dischanged, you qualify for $0 down payment.&nbsp;</P><P>&nbsp;</P><P>All active, reserve, and veterans qualify for a VA letter (as long as you served honorably). This letter is a promise from the VA that you will make the payments. It’s not a loan however. You will still need to get a loan through a lender but a down payment is not required.&nbsp;</P>
</description>
<pubDate>Tue, 10 Sep 2019 10:39:24 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/850115#M426
</guid>
<dc:creator>Stonetone</dc:creator>
<dc:date>2019-09-10T10:39:24Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/852147#M429
</link>
<description>
<P><STRONG>Good advice, but a little over the top there. If you can live below your means before you don't need $10k to rush and outfit a house right away. Setting goals is key, and minimizing expenses to vault your home ownership to top priority should be your main goal.&nbsp;</STRONG></P><P><STRONG>Cutting out all extra expenses, dinners out, coffee shops, movies, etc. If you're married I suggest setting up a 2nd savings and you or your spouses salary goes directly there. Pretend it doesn't exist. Live off one salary. Can't do it? Bull... People do it all the time it just takes work.&nbsp;</STRONG></P><P>&nbsp;</P><P><STRONG>Look for more affordable housing, budget everything!&nbsp;</STRONG></P><P>&nbsp;</P><P><STRONG>You're down payment comes quicker than you'd imagine.&nbsp;</STRONG></P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P>
</description>
<pubDate>Sun, 15 Sep 2019 12:03:47 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/852147#M429
</guid>
<dc:creator>Cp301</dc:creator>
<dc:date>2019-09-15T12:03:47Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/853512#M433
</link>
<description>
<P><FONT size="5"><STRONG>First sit down with a local Mortgage broker that will give you the straight facts ... talk to more than one ... they should give you an initial consultation for free and not require you to lock into them for a future mortgage.&nbsp;</STRONG></FONT></P><P>&nbsp;</P><P><FONT size="5"><STRONG>They should tell you how you stand now and tell you what you need to do to get where you need to be ... they can also educate you on all the local/state programs to get you down payment assistance and/or low cost mortgage rates.&nbsp;&nbsp;</STRONG></FONT></P><P>&nbsp;</P><P>&nbsp;</P>
</description>
<pubDate>Wed, 18 Sep 2019 22:03:20 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/853512#M433
</guid>
<dc:creator>Critter</dc:creator>
<dc:date>2019-09-18T22:03:20Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/856042#M443
</link>
<description>
<P>Not very realistic advice in MY area. ENTRY level (first-time buyer) houses START at 1.5M (and usually going for 20-30% HIGHER than asking price). Rents are ASTRONOMICAL (you are EXTREMELY lucky to be paying less than FIFTY percent of your income in rent.) Forget&nbsp; that idea of finding a meal in the dumpster behind McDonald's&nbsp; - you need to be LIVING in that dumpster!</P>
</description>
<pubDate>Wed, 25 Sep 2019 23:24:46 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/856042#M443
</guid>
<dc:creator>WRJSberlin</dc:creator>
<dc:date>2019-09-25T23:24:46Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/952879#M469
</link>
<description>
<P>Doesn’t work like that at all. Never join the military just for the benefits. I have access to the VA home loan as a veteran and I can’t use it for a multitude of reasons. Using VA benefits is a full time job on its own. The VA loan is only one of many different options for me and in my experience it’s usually not the best option. Every veteran I’ve come across feels the same way about that. Never jump in to anything without knowing all the FACTS. Opinions are everywhere and don’t do anyone any good. The VA loan is a great option for a lot of people but you have your own situation and other people’s opinions don’t apply to you. Getting rid of your debts is definitely a priority though, get on YouTube and start learning about leveraging your debt. You can make huge leaps and strides that way. As for the rest, listen to everyone else besides the clown that told you to join the military. That’s not a solution to anything it’s a life affecting choice that will change you forever.</P>
</description>
<pubDate>Sat, 09 Nov 2019 21:35:20 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/952879#M469
</guid>
<dc:creator>Debtlevereged</dc:creator>
<dc:date>2019-11-09T21:35:20Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953271#M470
</link>
<description>
<P>You would pry like the book Richest Man in Babylon&nbsp;</P><P>&nbsp;</P>
</description>
<pubDate>Mon, 11 Nov 2019 12:04:02 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953271#M470
</guid>
<dc:creator>Grateful55</dc:creator>
<dc:date>2019-11-11T12:04:02Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953281#M471
</link>
<description>
<P>You are so full of it. VA loan is the easiest loan you can have.</P>
</description>
<pubDate>Mon, 11 Nov 2019 12:49:21 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953281#M471
</guid>
<dc:creator>Galexg</dc:creator>
<dc:date>2019-11-11T12:49:21Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953282#M472
</link>
<description>
<P>It sounds like you might make too much to qualify for some first time home buyer perks, but I'd definitely still look into it! I used the first time home buyer grant in my area and they paid my entire down payment and all my fees. I just have to live here for 10 years and not rent or sell it. If I do, it's a pro-rated amount to pay back. Ummm.. the military comment... Unless you legitimately thought about joining before, don't. If you did think about it... Your degree lets you become an officer, which gets you a better salary than enlisted. They'd pretty much pay for your housing while you're in, and you could realistically just save the down payment while you're in. The loan option I took was better than VA home loan. Honestly, most of the time there's a better option than the VA home loan if you have decent credit.</P>
</description>
<pubDate>Mon, 11 Nov 2019 12:49:44 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953282#M472
</guid>
<dc:creator>Kaci</dc:creator>
<dc:date>2019-11-11T12:49:44Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953552#M473
</link>
<description>
<P>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%.</P><P>&nbsp;</P><P>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.</P><P>&nbsp;</P><P>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.</P><P>&nbsp;</P><P>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.</P><P>&nbsp;</P><P>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.</P>
</description>
<pubDate>Tue, 12 Nov 2019 06:40:05 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953552#M473
</guid>
<dc:creator>Gidgamoe</dc:creator>
<dc:date>2019-11-12T06:40:05Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953554#M474
</link>
<description>
<P>I would say buy as you go if you are single. Wait until next payday to purchase some of the things you need to live in your new house. Make all purchases with cash, he is recognized every where he goes and is accepted as fair trade.</P>
</description>
<pubDate>Tue, 12 Nov 2019 06:45:36 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/953554#M474
</guid>
<dc:creator>Gidgamoe</dc:creator>
<dc:date>2019-11-12T06:45:36Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/954346#M477
</link>
<description>
<P>Hey,</P><P>Don't waste your hard earned money!!. Live way below your means and save like a maniac!! Track your expenses and beware of where each and every dollar is going...Cut the expenses..literally..! Don't eat out...Don't buy new clothes..you have already plenty. Don't go to vacation until you save enough for downpayment...Don't go to Starbucks, and etc.. Whenever you see something to buy always ask yourself "Do I really need this? and how much time this purchase will delay my dream which is buying a house?". Drive a cheap paid off car.&nbsp; do not have car payments ever. Delay your current pleasure for the sake of your dream house!!!!</P>
</description>
<pubDate>Thu, 14 Nov 2019 05:33:37 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/954346#M477
</guid>
<dc:creator>irfanpolat</dc:creator>
<dc:date>2019-11-14T05:33:37Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/954466#M478
</link>
<description>
<P>Just stay calm, first if you look at the markets and the bubble we are in you pry don’t want to buy a house just yet. If your able to be patient then I think you’ll find houses a bit cheaper then they are at the moment. Instead of starving yourself and depriving yourself of all life’s luxuries why not figure out a good investment plan like gold or silver? If you invest in yourself and your wisdom of the markets and investing you’ll be better off then you would be with just a house because a house is a liability not an asset no matter what they say. You should read Richest Man in Babylon and then look up Mike Maloney on YouTube and listen to the points he’s making about our current economic situation</P><P>&nbsp;</P><P>Good Luck and enjoy the ride ; )&nbsp;</P><P>&nbsp;</P>
</description>
<pubDate>Thu, 14 Nov 2019 16:34:41 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/954466#M478
</guid>
<dc:creator>Grateful55</dc:creator>
<dc:date>2019-11-14T16:34:41Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1043602#M541
</link>
<description><P>need help finding a home</P></description>
<pubDate>Thu, 30 Jan 2020 10:00:25 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1043602#M541
</guid>
<dc:creator>matthewbaby_26</dc:creator>
<dc:date>2020-01-30T10:00:25Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1058772#M556
</link>
<description>
<P>I see some good advice, but at the end of the day there is only one inescapable truth... the less money you put down the more you will pay in interest, period. I bought my first house on a VA home loan, zero down sounds great, until you realize almost all your early payments are interest, the lender will get their money first. I imagine lenders love VA loans, not only are they guaranteed, they are interest gold mines. The more you put down, the less you pay in interest over the life of the loan, pretty basic concept that seems to escape a lot of people. Just re'fied and are going to buy our second home, having learned lessons from the first which we will turn into a rental, I will be putting down every penny possible on my next VA loan. Lenders will almost try and talk you out of it, especially with a VA. Its in their best interest, no pun intended. We live debt free, stay away from car payments! worst investments out there. Might I suggest spending some time researching money market accounts and mutual funds. Savings accounts are pretty old fashion in my opinion, and there are way easier and effective places to multiply your savings relatively safely over a 5 year term. My personal brokerage account is Fidelity, your core position is managed as a money market account, 1-2% interest, works just like a savings/bank account. This puts you in an easy position to branch out into bonds or mutual funds. Mutual funds with a return on investment horizon of 5 years could seriously multiply your savings as well, with little risk. Instead of depositing that $200 into a savings account purchase more mutual fund shares with every pay check. Dollar cost averaging investments in mutual funds are a tried a tested way to make good investment gains over time. One other thing, find a buyer agent! They can save you a lot of headaches and they will represent you and your best interests and yours only. Only buyer agents are required by law to do this, relators that are not strictly buyer agents have no obligation to you as a buyer to get you the best deal, and many times will work to get the best deal for their commission or for the sellers that they happen to be neighbors with. Good luck!</P>
</description>
<pubDate>Sat, 01 Feb 2020 06:12:00 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1058772#M556
</guid>
<dc:creator>skidooseadoo83</dc:creator>
<dc:date>2020-02-01T06:12:00Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1116235#M607
</link>
<description>
<P><EM><STRONG>VA loan is the easiest loan you can have.</STRONG></EM></P> <P>While a VA loan is without question the simplest and easiest way to go, it's also the most costly way to borrow money in the long run. Most require no down payment. But that Private Mortgage Insurance will eat up on average, 3 full mortgage payments a year. I'd rather save up, put the 20% down and not have to deal with those atrociously high PMI fees. In my opinion, what banks charge for the PMI insurance should be considered and treated as first degree statutory financial rape. One can go out and buy a 10-year term life insurance policy for 80% cheaper (or more!) than the PMI insurance, and just make the lender to primary beneficiary of any payout, should the borrower die. But lender's won't let you do that since that means they get less money from you. </P> <P>&nbsp;</P> <P>&nbsp;</P>
</description>
<pubDate>Sun, 09 Feb 2020 00:46:40 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1116235#M607
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2020-02-09T00:46:40Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1123038#M629
</link>
<description>
<P>Everyone’s making it more complicated than it is... set up your direct deposit from your employer to take the first 10% and deposit it into a locked account. You can set the length of the lock but it will come with higher interest payouts and it ensures you don’t spend it. After a couple months you won’t even notice the missing money and you’ll end up with quite a chunk of change when you’re done.&nbsp;</P>
</description>
<pubDate>Mon, 10 Feb 2020 02:33:35 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1123038#M629
</guid>
<dc:creator>RbentZ</dc:creator>
<dc:date>2020-02-10T02:33:35Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1167334#M663
</link>
<description>
<P>“the wife doesn’t care about the costs either.” &nbsp;Best way to afford a house? &nbsp;Don’t have a wife <span class="lia-unicode-emoji" title=":winking_face:">😉</span></P>
</description>
<pubDate>Sun, 16 Feb 2020 22:20:37 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1167334#M663
</guid>
<dc:creator>Lynx_TWO</dc:creator>
<dc:date>2020-02-16T22:20:37Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1328745#M797
</link>
<description><P>Thank you! Extremely helpful</P></description>
<pubDate>Tue, 17 Mar 2020 20:06:03 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1328745#M797
</guid>
<dc:creator>Jack36</dc:creator>
<dc:date>2020-03-17T20:06:03Z</dc:date>
</item>
<item>
<title>
Re: I have $0 saved for a down payment. I want to buy a home in five years. What should I do? Go:
</title>
<link>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1334561#M801
</link>
<description><P>What program and through who is with?</P></description>
<pubDate>Thu, 19 Mar 2020 02:03:07 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/home-loans/discussion/re-i-have-0-saved-for-a-down-payment-i-want-to-buy-a-home-in-five-years-what-should-i-do-go/01/1334561#M801
</guid>
<dc:creator>Csa88</dc:creator>
<dc:date>2020-03-19T02:03:07Z</dc:date>
</item>
</channel>
</rss>