How do i afford a house?
Answer:
When buying a house it's always best to have a substantial down payment before you even begin house shopping. The down payment will help lower your monthly mortgage payment and will also help you secure a loan with a mortgage company faster. I would speak with a loan officer first and they will be able to determine how large of a loan you will be able to get for a house. This also helps because if you don't qualify for the amount you want they can give you advice on what you can do to increase your loan amount, and Loan Officers don't get paid until you close on your home. I wish you luck on the house hunt. I hope I was of some help!
I got my large house on my third home. I bought a house, fixed it up, sold it - twice. That gave me the down payment onto the next home.
If you need your "keeper" house now - look into a 35 year mortgage. They are new and offered now. This will lower the monthly payment.
For my second home, I almost got one with a basement suite or able to have one - just for the extra income.
get something thats been foreclosed on they should have listings of them in your local newspaper.
find a good broker and ask about a fha first time home buyer program the key is a good broker
You are military and in N Cali Um good luck. An average house payment in Cali is 1200+ not to mention taxes and fixing up the place when needed. Is N Cali ur permenant station or will u move in a few yrs. What rank are u. Officer I am guessing 5600 including BAH ? All depends on ur credit and how much u have to put down. if the home u are looking at is 300,000 at an 8 % interest rate then ur payment will be about 2200 a month. http://www.loanlane.com/mortgage_calc.ht. Are u married? Filed Bankruptcy? These are other factors
You need to get your debt down and build your savings more to be able to afford something. You may have to get a fixer upper and put in sweat equity.
First off Thanks for being in the military.
get out of debt and save, forget the prices leveling off they will be dropping soon in fact they are already, your time will be soon.
Check out why from this web site.
http://www.breakingbubble.com/index.htm.
We are at the endgame for housing. Until recently our national motto has been "In real estate we trust." Just last week the Census Bureau reported that median home prices after inflation rose 32 percent from 2000 to 2005.
In some places, the gains were huge: 127 percent in San Diego, 110 percent in Los Angeles and 79 percent in New York. But real estate -- which has acted as a national piggy bank, with homeowners borrowing and spending against rising house prices -- no longer looks so trustworthy. On this, more than on falling oil prices or a record Dow, hangs the economy's immediate fate.
The boom sowed its own destruction. Coupled with modestly higher interest rates, rising home values have priced more potential buyers out of the market. With fewer buyers, home construction, sales and prices have weakened. To service their loans, some consumers will curb their shopping.
For a while, there was a buyers' panic. By one survey, about 40 percent of houses bought in 2005 were second homes (28 percent for "investment," 12 percent for "vacation"). Dubious new mortgages -- interest-only or less -- aimed to maximize what a buyer could afford.
There's the endgame's true danger: If prices drop too much or too persistently, the damage to confidence and spending won't be easily neutralized.
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