So, I am planning on buying a house in the next two years. I'm tired of renting, playing by others' rules. So, my goal is to get into a house in a few years.
I am looking in the $50-$80K range. Around here, you can get:
- Small home in one of the "working" suburbs
- Two Family home in a decent neighborhood in the city.
Not sure which one, just yet. The city schools are horrible, but I don't see myself having children any time soon. Would be nice to have someone else help pay my mortgage.
Does anyone have any good figures as to what I should expect to spend/put down on a house in this range? I googled it and have been talking to a few people but it seems that anything online is just advertisements and everyone I speak to in person did 3% down on a FHA loan.
I have a good amount of student loan debt (around $45K - not making minimum payments).
The car will be paid off next month allowing me to save some interest. Cable will be shut off next month. Both of which will allow me to save up an additional $300 a month for a house.
What should I expect to spend?
I am planning on saving up $30K. Is that a good assumption to get into a house in the $50-80 range? Should I increase it a bit more?
I don't know what other fees in addition to the downpayment. What would be a good downpayment? Ideally I would save up the entire amount, but what I spend in rent is going to be less than what I would spend in interest.
It's a trade off. I'm sure with what I have saved now, I could get into something next spring ... but I would have a bit less to put down and I would be spending more on interest.
Any help would be appreciated! Thanks!
I am looking in the $50-$80K range. Around here, you can get:
- Small home in one of the "working" suburbs
- Two Family home in a decent neighborhood in the city.
Not sure which one, just yet. The city schools are horrible, but I don't see myself having children any time soon. Would be nice to have someone else help pay my mortgage.
Does anyone have any good figures as to what I should expect to spend/put down on a house in this range? I googled it and have been talking to a few people but it seems that anything online is just advertisements and everyone I speak to in person did 3% down on a FHA loan.
I have a good amount of student loan debt (around $45K - not making minimum payments).
The car will be paid off next month allowing me to save some interest. Cable will be shut off next month. Both of which will allow me to save up an additional $300 a month for a house.
What should I expect to spend?
I am planning on saving up $30K. Is that a good assumption to get into a house in the $50-80 range? Should I increase it a bit more?
I don't know what other fees in addition to the downpayment. What would be a good downpayment? Ideally I would save up the entire amount, but what I spend in rent is going to be less than what I would spend in interest.
It's a trade off. I'm sure with what I have saved now, I could get into something next spring ... but I would have a bit less to put down and I would be spending more on interest.
Any help would be appreciated! Thanks!