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Advice with buying a starter home
Posted on 11/11/13 at 9:09 am
Posted on 11/11/13 at 9:09 am
I'm 23, just graduated (No student loans to repay), have little savings. About to start a new job that could pay 50-60k depending on overtime and other factors.
I've been looking at smaller homes priced in the $60-80k range. I would like to put 5% down if possible which according to estimates on zillow would put me at paying around $350-500 a month in mortgage. I would get one of my buddies in college to live in and pay rent which would basically leave me paying utilities.
I have about 3 years of good credit card history. Is this enough to get me a home loan?
Anyone have experience with this scenario? Advice?
I just hate to get an apartment and throw money away each month when it could be building equity.
TIA![](https://images.tigerdroppings.com/Images/Icons/Iconcheers.gif)
I've been looking at smaller homes priced in the $60-80k range. I would like to put 5% down if possible which according to estimates on zillow would put me at paying around $350-500 a month in mortgage. I would get one of my buddies in college to live in and pay rent which would basically leave me paying utilities.
I have about 3 years of good credit card history. Is this enough to get me a home loan?
Anyone have experience with this scenario? Advice?
I just hate to get an apartment and throw money away each month when it could be building equity.
TIA
![](https://images.tigerdroppings.com/Images/Icons/Iconcheers.gif)
Posted on 11/11/13 at 9:34 am to jp90
Where are you located? And you're not factoring in property tax, insurance, PMI, etc into your cost.
Posted on 11/11/13 at 9:42 am to jp90
You won't have a problem getting a mortgage, provided you have a 620 credit score.
Congrats on your first home, and being a good steward for buying something way under your means.
Congrats on your first home, and being a good steward for buying something way under your means.
Posted on 11/11/13 at 5:32 pm to jp90
Know your area around here. The cancer center and oil field pay keep real estate prices inflated.
Posted on 11/12/13 at 11:02 pm to jp90
Please try to build up some savings before or soon after you buy.
You will avoid a lot of stress and heartache if you have some money set aside to cover your a) named storm deductible, b) a new a/c, and/or c) a new roof.
Sure, there is credit available for these purchases/expenses, but do you pay your regular bills with credit? Don't do it with these inevitabilities either.
You will avoid a lot of stress and heartache if you have some money set aside to cover your a) named storm deductible, b) a new a/c, and/or c) a new roof.
Sure, there is credit available for these purchases/expenses, but do you pay your regular bills with credit? Don't do it with these inevitabilities either.
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