Hi, I'm planning to buy my first house sometime in the near future (next 2 years). I'm trying to figure out how much I need to save, but I've found conflicting information online.
I'm 25, make $68,000 before tax, and have very little debt. I just pay rent/utilities ($1,200 / month) and have a car loan that will be paid off in a couple of months. I have $17,000 in savings, $2,000 in stocks, and around $10,000 in my 401K.
I'm in a stable field, so I'm not too worried about an emergency fund (figured $12,000 should be good).
- What price range can I afford. I live in a low cost of living area, so house prices aren't ridiculous here.
- How much do I need to save for down payment, closing costs, etc? I've seen numbers range from 5% - 50% the cost of the house. Obviously I'm not going to be able to save 50%, but what is a reasonable amount to save?
- Is a small down payment (less than 5%) actually realistic?
- What sort of mortgage should I get? Any lenders in particular I should look at? Any scams or other issues I should be aware of?
Thanks for the help!
Submitted July 09, 2021 at 08:29AM by Benji771 https://ift.tt/3AOa7yo
