Do your due diligence As a buyer you need to do all the same things you would if the house were being sold through a real estate agent: • You still need to know if the asking price is fair (get comps!). • You still want to inspect the prope
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3 to 20% of the purchase price for a down payment. The actual amount depends on what kind of loan you get and how good your credit is. Your bank might offer a zero-down loan, but if you can afford to make a down payment, you should do so, because you'll g
Continue reading >>1.Pay down your debt. The bank wants your total debt to be no more than about 38% of your income. If your income is $3000/mo. then the bank figures your total debt can be $1140/mo.
Continue reading >>If you don't have enough cash to pay the closing costs, you can often get the closing costs added to the amount of the loan. For example, if the loan amount is for $150,000, and the closing costs are $4500, you'd add the closing costs to the loan amount s
Continue reading >>Have a friend or family member buy the house, and rent-to-own it from them. Friends and family might be wary of co-signing a loan for you because their credit gets ruined if you don't make the house payments, and they have little recourse against you.
Continue reading >>• Your monthly payments will probably be 0.75% to 1.15% of the purchase price. On a $150,000 home that's $1125 to $1725/mo. This includes taxes and insurance. We'll cover how to estimate your monthly payment more accurately on the next page.
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